Introduction
As 2023 gets into its stride and with the financial markets forecasting severe economic challenges in 2023, we are seeing an increasing number of enquiries from creditors with respect to debts owed by BVI incorporated debtors.
In particular, having stayed their hand, whether by choice or by virtue of local legislation which has imposed a standstill during the global pandemic, there are now clear indications that creditors are no longer willing to postpone payment indefinitely but want to explore their options including, specifically, the ability to initiate insolvency proceedings in the BVI in respect of the debtor.
Although every case is different, and needs to be considered on its own facts, some questions reoccur repeatedly. What follows is an attempt to provide some high-level answers to these questions, and an introduction to the framework of the BVI corporate insolvency process, without, we should emphasise, replacing the need for bespoke, tailored advice in any particular case.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.