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British Virgin Islands - Restructuring and Insolvency

February 2011 - Finance. Legal Developments by Ogier .

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Corporate insolvency in BVI is governed by the Insolvency Act 2003 and the Insolvency Rules 2005. These laws are closely based on the English Insolvency Act 1986. There are a number of insolvency regimes available. However the provisions for administration, which are similar to the provisions of the English Insolvency Act 1986 prior to its amendment by the Enterprise Act 2002, and which promote the rescue of companies in financial difficulty assisted by a statutory moratorium, are not yet in force. There are separate provisions for insurance companies.

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