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BVI Finance & RISA BVI Host Webinar Series on Insolvency Practice
  • POST ON 22 Oct 2021

October 22, 2021 - What are the current options available to creditors? How does the enforcement of security work and what does the liquidation process look like in the BVI? 

These were key discussion points during part two of the BVI Finance and Recovery and Insolvency Specialists Association (BVI) Limited (RISA BVI) free webinar series on insolvency practice and procedure in the BVI. Both agencies have teamed up to host a five-part webinar series which began on September 29. 

The second webinar, ‘Creditor Focussed Insolvency’, hosted on October 19, featured panelists including David Harby, Partner - Collas Crill; Lisa Walmisley, Partner - Bedell Cristin; Shane Donovan, Partner - Mourant Ozannes; and Carli Human, Business Rescue Practitioner - Begbies Traynor. 

In giving an overview of the Insolvency Act, 2003 the panelists covered creditor and security interest, three types of insolvency, and the admissible claims in the liquidation of a company. 

David Harby, who opened discussions, noted that while the current insolvency legislation is geared towards the protection of secured creditors, that there are still options available to unsecured creditors. 

Shane Donovan’s presentation highlighted ‘Security and Enforcement in the BVI’, specifically share charges. Mr. Donovan pointed out that the most common form of security in BVI are equitable share charges or mortgages.

Carli Human outlined the process for the formation of a creditors committee, which is set up to consult with the liquidator in regards to insolvency proceedings. 

The presentation wrapped up with Lisa Walmisley on the process for removing a liquidator and provided a brief look at a few liquidation cases.