British virgin islands

Abstract This chapter provides a brief overview of the various insolvency regimes in the British Virgin Islands (BVI), which are relevant to asset tracing in an international context. It considers the various insolvency processes under the Insolvency Act 2003 (the IA), including the liquidation process, administrative receivership, and company creditor arrangements. It reviews the powers and functions of the various office holders together with the investigatory tools that are available to a liquidator and the provisions that enable him to bring claims against persons associated with the company in liquidation and third parties under IA’s voidable transaction and malpractice provisions. Following a review of the provisions in the IA that enable the BVI High Court to make orders in aid of foreign proceedings, it then goes on to consider voluntary liquidations and plans and schemes of arrangement, which are all governed by the BVI Business Companies Act 2004 (the BCA). Finally, having reviewed the various ways pursuant to which a person may obtain disclosure of documents and information from BVI companies and generally, it considers interim remedies that may be open to office holders and litigants before providing a general review of the main actions and claims that may be brought in the context of asset tracing claims in the BVI. The law relating to the enforcement of foreign judgments and arbitration awards, a review of asset tracing in a criminal context, and a consideration of what powers the BVI Financial Services Commission has in the BVI to investigate the affairs of regulated persons have been included for completeness.