Insolvency Act 2003
The Insolvency Act 2003 (“Insolvency Act ”) provides an established framework to deal with corporate and personal insolvencies and better serve the international finance and business community in a rapidly changing and diverse global business environment.
As the BVI continues to develop as an international finance center, corporate group structures that include BVI entities as part of the structure are becoming ever more complex and the Insolvency Act ensures the BVI is well placed to deal with the needs of complex groups and their stakeholders.
The Insolvency Act will allow cross border restructuring and insolvency solutions to be carried out efficiently and professionally, providing a better return to stakeholders than may have been achievable up until now.