Restructuring & Insolvency Comparative Guide

1 Legal framework

1.1 What domestic legislation governs restructuring and insolvency matters in your jurisdiction?

The domestic legislation governing restructuring and insolvency in the British Virgin Islands, as an overseas British territory, is essentially based on the same legal principles as England and Wales (hereinafter referred to as ‘England'). The Insolvency Act 2003 and the Insolvency Rules 2005 – together with various amendments and supplementary pieces of law, such as the Insolvency Code of Practice and the Insolvency Practitioners Regulations – are the key pieces of legislation governing insolvency. However, there are other procedures that also typically fall within the remit of insolvency/restructuring, such as solvent liquidations; while corporate governance measures, including the formation and management of entities, are governed by the Business Companies Act 2004 and the Partnership Act 1996.