Application for a Licence to Act as an Insolvency Practitioner (Revised)

Summary

This is the official BVI Financial Services Commission application form for an individual seeking a licence to act as an Insolvency Practitioner under Section 475(1) of the Insolvency Act 2003. It collects personal, professional and fit and proper information to support the Commission's assessment of an applicant.

• Personal and business details: Identity, residency history, passport information, and firm details, supported by a police clearance certificate or sworn affidavit and a curriculum vitae.
• Residency: Applicant must demonstrate Virgin Islands residency, since insolvency licence holders must be resident in the Virgin Islands.
• Qualifications and experience: Details of professional body membership and qualifications, or two references if not professionally qualified, plus a three year insolvency experience record in Appendix 1.
• Fit and proper disclosures: Personal fit and proper questionnaire covering bankruptcy, disqualification orders, criminal convictions, negligence claims, disciplinary action and similar matters, with details required in Appendix 2 for any 'yes' answer.
• Firm infrastructure: Description of staff, resources, internal controls and financial soundness of the firm supporting the applicant's insolvency work.
• Security and fee: Confirmation of minimum security/insurance cover as required under the Act, Regulations or Code, and payment of a non-refundable application fee of US$300.
• Declaration: Signed declaration of truthfulness, agreement to comply with the Act, Rules, Regulations and Code, and an undertaking to notify the Commission without delay of any changes to the information supplied.

The applicant requests a proposed commencement date for the licence, which must be not more than six months from the date of application, or may request that the licence commence as soon as possible.

Key obligations

• Applicant must attach a certified copy of passport identification and disclose countries of residence over the preceding 10 years.
• Applicant must attach a Police Clearance Certificate (or sworn affidavit if unavailable) for each country of residence in the past 10 years.
• Applicant must provide documentary evidence of Virgin Islands residency, as insolvency licence holders must be resident in the Virgin Islands.
• Applicants not professionally qualified and regulated by a professional body must attach two references from persons who have worked substantially with them in the past three years.
• Applicant must complete Appendix 1 detailing practical insolvency experience over the past three years.
• Applicant must disclose details in Appendix 2 for any affirmative answer to the fit and proper questions.
• Applicant must confirm and provide evidence of minimum security/insurance cover required under the Act, Regulations or Code.
• Applicant must pay a non-refundable application fee of US$300 payable to the Financial Services Commission.
• Licensee must undertake to notify the Commission without delay of any changes to the information supplied in the application.
• Applicant must specify a proposed licence commencement date not more than six months from the date of application, or select 'as soon as possible'.

Applies to

Individuals applying to act as insolvency practitioners, Insolvency practitioners already licensed or approved by the Commission under other financial services legislation

Deadlines

• not more than six months from the date of application: Proposed commencement date for the insolvency practitioner licence, if a specific month and year (rather than 'as soon as possible') is requested.