BVI Court refuses to give effect to foreign insolvency law to override ownership rights under BVI law
12 January 2022
The BVI Court has refused to grant an application made by Australian administrators for orders for recognition and assistance under Part XIX of the Insolvency Act, 2003 where the effect of doing so would have been inconsistent with contractual ownership rights governed by British Virgin Islands and English law. A parallel application for the appointment of 'soft touch' provisional liquidators over the Australian company in administration was also refused for similar reasons.
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Mourant is a law firm-led, professional services business with over 60 years' experience in the financial services sector. We advise on the laws of the British Virgin Islands, the Cayman Islands, Guernsey, Jersey and Luxembourg and provide specialist entity management, governance, regulatory and consulting services.
