Form 276(1) - Notice Requiring Preparation and Submission of Statement of Affairs (Insolvency Rules 2005)

Summary

This is a statutory notice template (Form 276(1)) used under the BVI Insolvency Act 2003 and Insolvency Rules 2005. An office holder (administrator, administrative receiver or liquidator) uses this form to formally require a specified person connected to an insolvent company to prepare and submit a statement of affairs by a stated deadline.

• Purpose: Serves as formal notice from the office holder requiring preparation and submission of a statement of affairs for the company.
• Legal basis: Issued under section 276(1) of the Insolvency Act 2003 and Rule 201 of the Insolvency Rules 2005.
• Cooperation duty: Section 282 of the Act obliges the recipient to provide information to the office holder and attend upon them if required.
• Consequences of non compliance: Failure to submit the statement of affairs or to cooperate may result in a fine and, for continued default, a daily default fine, and may be considered by the Court in unfitness/disqualification proceedings under section 263.

The form itself is a blank template with fields for the office holder to insert the company name, their own details, the recipient's capacity, and the deadline for submission; it does not itself impose a fixed date but creates the mechanism by which a deadline is set in each case.

Key obligations

• The person served with this notice must prepare and submit a statement of affairs of the company to the office holder by the date specified in the notice.
• The recipient must provide the office holder with requested information and attend upon them if required, under section 282 of the Insolvency Act 2003.
• Failure to comply may result in a fine, a daily default fine for continued contravention, and may be considered by the Court in determining unfitness to act as an officer or in company management, potentially leading to disqualification.

Applies to

companies in insolvency (administration, receivership or liquidation), directors and other officers of insolvent companies, administrators, administrative receivers, liquidators, insolvency practitioners

Deadlines

• as specified by the office holder in the notice: Date by which the recipient must prepare and submit the statement of affairs (inserted individually in each notice, not fixed by the form itself)