- within Accounting and Audit, Immigration and Insurance topic(s)
Part XIX of the BVI Insolvency Act provides a comprehensive code for the assistance that is available to foreign representatives appointed in foreign insolvency proceedings. The relief available is very broad. Historically, such relief was only available to nine designated countries: Australia (New South Wales); Canada; Finland; Hong Kong; Japan; Jersey; New Zealand; the United Kingdom; and the United States of America. The BVI Court of Appeal has also found that the BVI courts have no common law jurisdiction to provide assistance to foreign representatives from non-designated countries. As such, foreign representatives from non-designated countries are only entitled to seek recognition of their status in the BVI in accordance with his or her appointment by the foreign court, they have no right to apply for assistance from the BVI courts.
However, the list now also includes the following further 24 countries, significantly expanding the BVI courts' powers to provide assistance in support of foreign insolvency proceedings.
- Bahamas
- Barbados
- Belize
- Bermuda
- Cayman Islands
- Guernsey
- Guyana
- Ireland
- Isle of Man
- Jamaica
- Member States and Territories within the OECS (Antigua and Barbuda, Dominica, Grenada, Montserrat, Saint Kitts and Nevis, Saint Lucia and Saint Vincent and the Grenadines)
- Nigeria
- Singapore
- Trinidad and Tobago, and
- Turks and Caicos Islands.
Foreign representatives from the above designated countries are now able to access the broad relief available under Part XIX of the BVI Insolvency Act, marking a significant expansion to the foreign representatives to whom this relief is now available.
Insolvency & Dispute Resolution
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