British Virgin Islands on Insolvency/Bankruptcy

The British Virgin Islands has, as of 18 September 2024, extended the list of ‘Relevant Foreign Countries' for the purposes of Part XIX of the BVI Insolvency Act, which governs Orders in Aid of Foreign Proceedings.

Following a recent consultation by the BVI FSC and insolvency practitioners, the BVI has expanded its statutory assistance regime to an additional 24 jurisdictions.

This decision relates to an appeal to the Privy Council out of the British Virgin Islands dealing with the question of staying winding up proceedings where there is an agreement to arbitrate.