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ARTICLE · 23 MAY 2016

Insolvency Petitions Down In Most Offshore Jurisdictions In 2015

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In total, across the six offshore jurisdictions analysed, there were 211 winding-up petitions filed during 2015, and 113 orders were made as a result.

BermudaWealth Management
Tony Heaver-Wren
Tony Heaver-Wren
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OVERVIEW- THE GLOBAL PICTURE

WINDING-UP PETITIONS

In total, across the six offshore jurisdictions analysed, there were 211 winding-up petitions filed during 2015, and 113 orders were made as a result. The number of filings was therefore slightly up on the 202 recorded in 2014, and the number of orders reported so far, down on the 120 we have identified from last year.

With the exception of the Cayman Islands and Mauritius, the volume of filings in 2015 represented a drop-off in the number of insolvency petition filings across most offshore jurisdictions, relative to the previous year. The Isle of Man, the British Virgin Islands (BVI) and Bermuda all saw a slight decrease in court filings, while the increase of 59% in Cayman, and 5% in Mauritius, led to an overall jump of 4% across the jurisdictions analysed.

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