Insolvency Services

The Insolvency Services Division is responsible for the licensing and supervision of insolvency practitioners in the BVI.

Under the Insolvency Act, 2003, only licensed insolvency practitioners are eligible to accept appointments as administrator, administrative receiver, interim supervisor, supervisor, provisional liquidator, liquidator (other than in a solvent liquidation procedure) or bankruptcy trustee. However, there are provisions to enable an overseas insolvency practitioner to be appointed jointly with a BVI licensed insolvency practitioner. This may be helpful if the insolvent business or assets are located overseas.

Solvent liquidation procedures are not dealt with under the Act, but under the auspices of the companies legislation.

The Commission is also required under the Act to appoint a suitably qualified and experienced person to act as Official Receiver. The Official Receiver is an employee of the Commission and an officer of the Court. He may be appointed by the Court as an insolvency office holder and has a responsibility to investigate malpractice. Where appropriate, it is the Official Receiver’s responsibility to apply to the Court for director disqualification orders. The Official Receiver has a number of other functions, generally intended to assist the smooth operation of the insolvency sector.

Contact: Mr. David Abednego 
Director of Insolvency Services and Official Receiver

Application for a licence to act as an Insolvency Practitioner

Click this link to download the application form

**Please note that this form should be printed double sided, on 11x17 paper.

Explanatory Notes Provided by the Commission to accompany the application form

Click this link to download the explanatory notes

The following insolvency forms, pursuant to the Insolvency Act 2003 and the Insolvency Rules 2005, are available and may be downloaded

FORM NAME
FORM NUMBER
COMMENT
Notice of Court Order to Dispose of Perishable Assets
86 (7)
1
Notice of Administrator's Report on Further Enquiries
88 (2)
1
Notice of Administrator
98 (6)
1
Notice of Vacation of Office of Receiver
120 (3)
1
Notice to Registrar of Vacation of Office of Receiver
120 (5)
1
Notice of Court Order to Dispose of Assets in Receivership Subject to a Security Interest
145 (9)
1
Advertisement of Administrative Receiver's Report (for Newspaper or Virgin Islands Official Gazette)
147 (3)
1
Settlement of List of Members
193 (1)
1
Notice of Release of Liquidator
235 (7)
1
Notice of Disqualification Order or Undertaking
265 (2)
1
Notice of Variation of Disqualification Order or Undertaking
266 (4)
1
Report on Directors' Conduct
271
1
Notice Requiring Preparation and Submission of Statement of Affairs
276 (1)
1
Statement of Affairs in a Company Creditors Arrangement, Receivership, Administration or Liquidation
277 (1)
1
Statement of Assets and Liabilities in Bankruptcy or an Individual Creditors' Arrangement
295 (2)
1
Notice of Release of Bankruptcy Trustee
383 (8)
1
Consent to Act
482 (1) A
1
Consent to Act
482 (1) B
1
Notice by an Overseas Practitioner That He is the Sole Appointee
485 (2) A
1
Notice by an Overseas Practitioner That He is the Sole Appointee
485 (2) B
1
Originating Application (Company)
R14A
1
Ordinary Application (Company)
R14B
1
Claim Form
R184
1
Claim Form
R279
1

 

News - Insolvency Services

The Financial Services Commission in exercise of the powers conferred by section 466 (1) of the Insolvency Act, 2003 designates the following countries, territories or jurisdictions as relevant foreig...

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The BVI Financial Services Commission is pleased to announce the appointment of Mr. Christopher Hill as the Commission's first Director of Insolvency. Mr. Hill brings to the FSC a broad range of exper...

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The Commission has joined the International Association of Insolvency Regulators (?IAIR?), which is a formal international organization of insolvency agents with jurisdiction for insolvency policy, pr...

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An Insolvency Liaison Committee has been formed and commenced a series of regular meetings at the Commission on 24th November, 2003. Its purpose is to provide a forum for discussion of practical issue...

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Contact Information

British Virgin Islands Financial Services Commission

Pasea Estate
P.O. Box 418
Road Town, Tortola, VG 1110
British Virgin Islands

Tel: 284-494-1324 or 284-494-4190 GMT – 4:00
Fax: 284-494-5016
Hours: Monday-Friday 8:30a.m. - 4:30p.m.
commissioner@bvifsc.vg