Insolvency Guide 2020

1. Market Trends and Developments

1.1 The State of the Restructuring Market

Throughout 2020, the British Virgin Islands (BVI) has remained one of the most significant offshore jurisdictions. According to the BVI Financial Services Commission (FSC) latest annual report, there were 402,907 active companies in the BVI.

The BVI has retained its status as one of the most significant jurisdictions in the international corporate service sector and, in particular, the insolvency and restructuring sector. Throughout this period, and during its recovery, the BVI has proved to be a resilient and agile jurisdiction.

In February 2019, the BVI court appointed, for the first time, "soft touch" provisional liquidators with a restructuring mandate. This approach provides for the appointment of courtappointed provisional liquidators with a restructuring mandate whilst allowing the incumbent directors to remain in place, thereby minimising any disruption to the day-to-day