Insolvency Rules 2005, Form 120(3) - Notice of Vacation of Office of Receiver

Summary

This is a prescribed statutory form under the BVI Insolvency Act 2003 and Insolvency Rules 2005, used by a receiver to formally notify relevant parties that they have vacated office. It is a procedural notice document rather than a policy or regulatory instrument.

• Who must be notified: The appointer, the company, members of the creditors committee, creditors (if there is no creditors committee), and the BVI Financial Services Commission (if the company is a regulated person)
• Content required: The receiver's full name, address and insolvency practitioner licence number, the company's name and number, the date office was vacated, and a brief explanation of the reasons for vacating office under section 120(2) of the Insolvency Act 2003
• Legal basis: Section 120(3) of the Insolvency Act 2003 and Rule 142 of the Insolvency Rules 2005

Use of this form is triggered whenever a receiver vacates office in accordance with section 120(2) of the Act; it does not itself create ongoing compliance obligations beyond completing and serving the notice.

Key obligations

• A receiver who vacates office under section 120(2) of the Insolvency Act 2003 must give notice of vacation using Form 120(3), stating the date of vacation and the reasons for it
• The notice must be sent to the appointer, the company, members of the creditors committee, creditors (if there is no creditors committee), and the BVI Financial Services Commission if the company is a regulated person

Applies to

receivers, insolvency practitioners, companies in receivership, regulated persons