British Virgin Islands: Insolvency/Bankruptcy

Entities in the British Virgin Islands may qualify for exemptions from Annual Return requirements based on specific criteria. BVI Business Companies and Limited Partnerships can avoid filing obligations if they meet conditions such as being listed on recognized exchanges, regulated by the FSC, or filing tax returns with financial statements.

The UK Supreme Court's landmark decision in Drelle v Servis-Terminal LLC fundamentally reshapes cross-border insolvency practice by confirming that creditors may rely on unrecognised...

The UK Supreme Court's landmark decision in Servis-Terminal LLC v Drelle has overturned the English Court of Appeal's controversial ruling, clarifying that unrecognised foreign judgments can form the basis of insolvency proceedings without prior recognition. This briefing examines how the Supreme Court's restoration of the common law 'obligation principle' impacts creditors seeking to enforce foreign judgment debts in the BVI, particularly following the uncertainty created by the first instance decision in

In many jurisdictions, statutory schemes exist to marry those two concepts together and provide a complete package by which assistance in foreign insolvency proceedings is rendered. In the BVI, things are less straightforward as (i) the BVI has not adopted the UNCITRAL Model Law on Cross-Border Insolvency and (ii) Part XVIII of the BVI Insolvency Act 2003 (Cross-Border Insolvency), based on the Model Law, has not come into effect.

Against this backdrop, the Privy Council's decision in Aquapoint LP (in Official Liquidation) v Xiaohu Fan marks a significant development in the jurisprudence surrounding the 'just and equitable' winding up jurisdiction.

Part XIX of the Insolvency Act 2003 was introduced to support cross‑border cooperation. Still, many years on, there is real debate about the reach of section 467 and how far the court will go to help foreign proceedings.

Arbitration clauses are commonly found in commercial contracts. However, tricky issues arise when a company subsequently seeks an order for winding up, particularly in circumstances where the facts relied.

On 19 February 2025, the Supreme Court handed down judgment in El-Husseiny v Invest Bank PSC.

Fraudsters sometimes choose offshore vehicles in their illegal schemes under the mistaken belief that the misappropriated assets will not be found...