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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. Kenneth Baker
Deputy Managing Director, Regulation