Overview

A look at remedies available in the British Virgin Islands for insolvency proceedings which can be used to target wrongdoing directors and officers, with a view to providing financial redress for shareholders and creditors by swelling the asset pool.

By virtue of his or her appointment, a liquidator steps into the shoes of the company and so the usual contractual, tortious and equitable remedies are actionable by the liquidator, acting in the name of the company. Claims are most likely to be based on contract, tort and fiduciary duties.

The BVI has been at the forefront of international insolvency law in developing an Insolvency Act tailored to the needs of offshore companies. This briefing examines this Act and identifies a number of remedies which can also assist liquidators in swelling the asset pool available to creditors and shareholders.

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