Insolvency Rules 2005 - Form 482(1)(b) Consent to Act

Summary

This is a statutory form used under the British Virgin Islands Insolvency Act 2003 and the Insolvency Rules 2005. It is the prescribed template (Form 482(1)(b)) by which a person consents to act as an insolvency office holder for a named individual debtor, to be filed with the court or presented at a creditors' meeting.

• Purpose: Records a licensed insolvency practitioner's consent to act as bankruptcy trustee, interim supervisor, or supervisor for a named individual, if appointed.
• Appointment route: The consent applies to appointment either by the Court at a scheduled hearing or by creditors at a meeting (or any adjournment of it).
• Certification: The signatory certifies they are authorised under Part XX of the Insolvency Act 2003 to act as an insolvency practitioner.
• Validity period: The form requires the practitioner to state a period for which the consent is valid, measured from the date of signing, which must not exceed six weeks.

The form itself is a filing template rather than a source of ongoing regulatory obligations; it is completed and submitted as part of an individual insolvency proceeding.

Key obligations

• An insolvency practitioner consenting to act must certify that they are authorised under Part XX of the Insolvency Act 2003 to act as an insolvency practitioner.
• The stated period for which consent to act is valid must not exceed six weeks from the date the form is signed.

Applies to

insolvency practitioners, bankruptcy trustees, interim supervisors, supervisors

Deadlines

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