Insolvency Rules 2005, Form 147(3) - Advertisement of Administrative Receiver's Report

Summary

This is the standard statutory form (Form 147(3)) that an administrative receiver of a BVI company must use to place a notice in a newspaper or the Virgin Islands Official Gazette, informing creditors about the receiver's report and an upcoming creditors' meeting. It implements the publication requirement under section 147(3)(b) of the Insolvency Act 2003 and Rules 31 and 143(2) of the Insolvency Rules 2005.

• Notice content: The published notice must state the company name and company number, and confirm that a copy of the administrative receiver's report may be obtained from or inspected at a specified address during normal office hours.
• Creditors meeting: The notice must give the date, time and place of a meeting of all unsecured creditors of the company.
• Secured creditors: The form requires a note stating that creditors whose claims are wholly secured are not entitled to attend or be represented at the meeting.

The document itself is a blank template rather than a substantive rule change; it operationalises an existing statutory notice obligation for administrative receivers rather than creating new duties beyond what the Act and Rules already require.

Key obligations

• An administrative receiver must arrange for a notice of the report of administrative receivership to be published in a newspaper or the Virgin Islands Official Gazette, using the prescribed form.
• The published notice must identify where the receiver's report can be obtained or inspected and must state the date, time and place of the meeting of unsecured creditors.
• The notice must note that wholly secured creditors are not entitled to attend or be represented at the creditors meeting.

Applies to

administrative receivers, companies in receivership, unsecured creditors