Recognition of foreign insolvency proceedings and foreign insolvency practitioners in the BVI

The interplay between the legislative framework in the BVI and the common law with respect to recognition and assistance in foreign insolvency proceedings has developed in recent years in response to the increased prevalence of cross-border insolvency proceedings; however, its development has not always been predictable. This short note will chart the development of BVI case law dealing with recognition and will clarify the position as to its availability under statute and/or the common law. This note also contains a brief overview of the BVI court’s most recent decision in this area which deals with procedural questions surrounding applications for recognition by foreign office holders.