ARTICLE
11 February 2019

Soft Touch Provisional Liquidation Available In The BVI

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Ogier

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Ogier provides legal advice on BVI, Cayman, Guernsey, Irish, Jersey and Luxembourg law. Our network of locations also includes Beijing, Hong Kong, London, Shanghai, Singapore and Tokyo. Legal services for the corporate and financial sectors form the core of our business, principally in the areas of banking and finance, corporate, investment funds, dispute resolution, private equity and private wealth. We also have strong practices in the areas of employee benefits and incentives, employment law, regulatory, restructuring and corporate recovery and property. Our corporate administration business, Ogier Global, works closely with Ogier's partner-led legal teams to incorporate and administer a wide variety of vehicles, offering clients integrated legal and corporate administration services. We have the knowledge and expertise to handle the most demanding and complex transactions and provide expert, efficient and cost effective services to all our clients.
The BVI Commercial Court today handed down a landmark judgment appointing ‘soft touch' provisional liquidators.
British Virgin Islands Insolvency/Bankruptcy/Re-Structuring

The BVI Commercial Court today handed down a landmark judgment appointing 'soft touch' provisional liquidators.

Brian Lacy (Partner) and Grant Carroll (Managing Associate), both of the BVI Insolvency, Restructuring and Disputes Resolution department, acted for the applicant companies in the first ever BVI 'soft touch' provisional liquidation.

The case concerned a group of companies operating in the oil and gas industry. The BVI proceedings are part of a multi-jurisdictional restructuring. Paul Pretlove and Eleanor Fisher of Kalo (for whom Ogier also act) were appointed in the BVI as soft touch joint provisional liquidators. Michael Pearson of FFP acts as a professional director of the BVI entities.

Ogier continues to be at the forefront of global legal developments in restructuring. Ogier acted for the joint provisional liquidators in Ocean Rig and acts for Toys "R" Us in its restructuring.

The judgment is available for review here

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