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ARTICLE · 29 JANUARY 2025

BVI Court-Appointed Receiverships: Draconian Or Versatile Remedy?

Harneys
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Historically receiverships were viewed as a draconian remedy of last resort. Today, however, receivers are appointed to address a wide range of legal circumstances.

British Virgin IslandsLitigation, Mediation & Arbitration
Marcia McFarlane
Marcia McFarlane
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Historically receiverships were viewed as a draconian remedy of last resort. Today, however, receivers are appointed to address a wide range of legal circumstances. This guide summarises key features of the court-appointed receiver.1

A receiver is traditionally appointed to get in and hold or secure funds or other property for the benefit of those with an interest in the property. Receivership is primarily an enforcement procedure. It contrasts with liquidation in that it is not a collective insolvency procedure for the benefit of the general body of creditors or the company.

The primary sources of law regarding receiverships in the BVI are: (1) section 24 of the Eastern Caribbean Supreme Court (Virgin Islands) Act (Cap 80); (2) Part 51 of the Eastern Caribbean Supreme Court Civil Procedure Rules (Revised Edition) 2023; (3) Part IV of the Insolvency Act 2003, (4) Part VI of the Insolvency Rules 2005; and (5) common law and equitable principles derived from

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