INSOLVENCY AND CORPORATE RECOVERY
As a major international financial centre within excess of 430,000 active registered companies and one of the world’s largest fund domiciles, the BVI is a prominent jurisdiction in terms of insolvency and restructuring work. BVI companies are frequently found in complex, international financing and group structures with its insolvency practitioners and attorneys working alongside others all over the world.
In terms of the BVI framework for insolvency, all insolvency appointments in the BVI require licensed insolvency practitioners with local knowledge, who also offer international expertise. The BVI Insolvency Act 2003 is modern, fit for purpose and supported by a strong Commercial Court. BVI Insolvency Practitioners are regulated by the Financial Services Commission (FSC).
A strong professional body also exists – The Recovery and Insolvency Association (RISA). RISA was established by members of the insolvency and restructuring industry in the British Virgin Islands (“BVI”) in 2009 to promote and support the development of the insolvency and restructuring industry in the BVI. It is an active association which supports the industry through various technical and social events and by its focus on legislative development in the BVI. RISA is a member of the International Association of Restructuring, Insolvency & Bankruptcy Professionals (INSOL). https://risabvi.com/
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