Insolvency Rules 2005 Form 482(1)A (Consent to Act)

Summary

This is a statutory form under the BVI Insolvency Act 2003 and Insolvency Rules 2005 (Rule 325), used by an insolvency practitioner to formally consent to act in a specified insolvency capacity for a named company if appointed by the Court, members, or creditors/debtors at a meeting.

• Certification: The signatory certifies they are authorised under Part XX of the Insolvency Act 2003 to act as an insolvency practitioner.
• Role specified: The form requires the practitioner to state the specific role they consent to act in: administrator, administrative receiver, liquidator or provisional liquidator (of a company or foreign company), interim supervisor, or supervisor.
• Appointment trigger: The consent applies to appointment by the Court at a scheduled hearing, by members at a meeting, or by debtors at a meeting (or any adjournment).
• Validity period: The form must state the period for which the consent is valid, measured from the date of signing, and this period cannot exceed six weeks.

The form itself imposes no ongoing regulatory obligations beyond correct completion and the six week validity limit; it is a procedural document filed as part of insolvency appointment processes.

Key obligations

• The insolvency practitioner must certify they are authorised under Part XX of the Insolvency Act 2003 to act as an insolvency practitioner before signing the consent.
• The practitioner must specify the exact capacity being consented to (administrator, administrative receiver, liquidator, provisional liquidator, interim supervisor, or supervisor).
• The stated period of validity of the consent, running from the date of signing, must not exceed six weeks.

Applies to

insolvency practitioners, companies subject to insolvency proceedings

Deadlines

• not to exceed 6 weeks from the date the document is signed: Maximum period for which the consent to act remains valid