Form 271 - Report on Directors' Conduct (Insolvency Act, 2003, Section 271)

Summary

Form 271 is the statutory report that an insolvency office-holder (liquidator, receiver, or administrator) must submit to the BVI Official Receiver under Section 271 of the Insolvency Act, 2003. It requires the office-holder to identify every person who was a director of the insolvent company and to assess whether that person's conduct makes them unfit to be involved in managing or liquidating companies in future.

• Company and case details: Company name(s), registered office, registered agent, type of insolvency proceeding, date of appointment, and details of any other office-holder involved.
• Director information: For each person who was, or appears to have been, a director (including within the three years before appointment), full name, date of birth, address, occupation, and duties in the company.
• Unfitness assessment: Whether the director's conduct appears to make them unfit to be concerned in company promotion, formation, management, liquidation or dissolution, with supporting details referenced to Sections 262(1) and 263 of the Insolvency Act.
• Supporting documents: Appointment document, directors' statement of affairs, reports to creditors, memorandum and articles of association, and audited/unaudited/management accounts for the two years before insolvency.
• Confidentiality: The report is confidential and must not be disclosed by the office-holder to anyone other than the Official Receiver.
• Declaration: The office-holder must sign a declaration confirming the answers are true and complete to the best of their knowledge and belief.

The completed form is sent to the Official Receiver, P.O. Box 418, Road Town, Tortola, British Virgin Islands. The document does not specify a fixed filing deadline within the extracted text.

Key obligations

• The office-holder must complete and submit Form 271 to the Official Receiver identifying all directors, voluntary liquidators, or receivers whose conduct is relevant to a Section 271 report.
• The office-holder must assess and disclose whether any director's conduct makes them unfit to be concerned in the management or liquidation of companies, with details referenced to Sections 262(1) and 263 of the Insolvency Act, 2003.
• The office-holder must keep the contents of the report confidential and disclose them to no one other than the Official Receiver.
• The office-holder must attach supporting documents including the appointment document, directors' statement of affairs, reports to creditors, memorandum and articles of association, and two years of accounts.
• The office-holder must sign a declaration certifying that the information provided is true and complete to the best of their knowledge and belief.

Applies to

insolvency office-holders (liquidators, receivers, administrators), companies in insolvency proceedings, company directors