Insolvency Rules 2005, Form 120(5) - Notice to Registrar of Vacation of Office of Receiver

Summary

This is a statutory form under the British Virgin Islands Insolvency Rules 2005, used by a receiver to notify the Registrar of Companies that they have ceased to hold office as receiver of a company. It requires basic identifying details and a brief explanation of the reason for vacating office.

• Who completes it: The receiver of the company, who must give notice on vacating the office of receiver.
• Information required: Company name and number, receiver's full name, address and insolvency practitioner licence number, the date office was vacated, and a brief explanation of the reasons.
• Where filed: Sent to the Registrar of Companies in Road Town, Tortola, and to the BVI Financial Services Commission if the receiver is a regulated person.

The form itself is a filing template rather than a source of ongoing regulatory obligations, but its use is required by section 120(5) of the Insolvency Act 2003 whenever a receiver ceases to hold office.

Key obligations

• A receiver who ceases to hold office must give notice to the Registrar of Companies using Form 120(5), stating the date they ceased to hold office and the reasons for doing so.
• If the receiver is a regulated person, notice must also be given to the BVI Financial Services Commission.

Applies to

receivers, insolvency practitioners, companies in receivership