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Update

BVI Court refuses to give effect to foreign insolvency law to override ownership rights under BVI law

minute read
12 January 2022

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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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