Joint Overseas Insolvency Practitioners Appointment Form

Summary

This is a prescribed application form used to notify the BVI Financial Services Commission of a proposed joint appointment of an overseas insolvency practitioner alongside a BVI licensed insolvency practitioner, under sections 483(a) to 485(3)(b) of the Insolvency Act, 2003. It requires disclosure of the company and insolvency procedure details, the qualifications and jurisdiction of the proposed overseas nominee, and various eligibility, conflict of interest and disqualification confirmations.

• Company and procedure details: Section 1 requires the company name, BVI Business Company number, type of insolvency procedure, status (active, inactive, struck off, other), whether regulated, and details of the BVI insolvency practitioner and the proposed overseas nominee and their employers.
• Justification and nominee background: Section 2 requires justification for appointing the overseas nominee; Section 3 requires details of the nominee's jurisdiction of residency, licensing status, professional qualifications, membership body, and evidence of relevant experience.
• Disqualification and conflict checks: Section 4 requires confirmation that the nominee is not disqualified under sections 477 and 482(2)/(3) of the Insolvency Act, and discloses any prior professional relationships or conflicts of interest under Insolvency Rule 15, and confirms eligibility of both practitioners to act.
• Consent to Act Form: Section 5 requires a separate prescribed Consent to Act Form to be completed for both the applicant and the nominee, including the relevant court hearing or members meeting date, pursuant to Insolvency Rule 15(a) and Rule 325.
• Struck off companies: Section 6 applies only where the company has been struck off the Register (but not dissolved) and requires the BVI insolvency practitioner to agree not to commence proceedings or deal with company assets until the company is restored to the Register under sections 215 and 217 of the Business Companies Act, 2004.
• Declaration and signatures: Section 7 requires both the BVI insolvency practitioner and the overseas nominee to sign a declaration that the information and documents provided are true, accurate and authentic, with a warning that false or misleading information may lead to denial of the application or enforcement action.

The form itself does not state a filing deadline or effective date; it is a standing procedural requirement to be submitted whenever a joint overseas insolvency practitioner appointment is sought.

Key obligations

• Complete and submit this form to notify the FSC of a proposed joint appointment of an overseas insolvency practitioner alongside a BVI licensed insolvency practitioner
• Disclose the nominee's jurisdiction, licensing status, professional qualifications and relevant experience, including a copy of any current licence
• Confirm and disclose whether the nominee is disqualified under sections 477 and 482(2)/(3) of the Insolvency Act, 2003, and disclose any prior professional relationships or conflicts of interest under Insolvency Rule 15
• Complete a separate prescribed Consent to Act Form for the applicant and the nominee, including the relevant court hearing or members meeting date, pursuant to Insolvency Rule 15(a) and Rule 325
• Where the company has been struck off the Register, the BVI insolvency practitioner must agree not to commence legal proceedings or deal with the company's assets until the company is restored to the Register under sections 215 and 217 of the Business Companies Act, 2004
• Both the BVI insolvency practitioner and the overseas nominee must sign a declaration confirming the accuracy of the information and authenticity of documents submitted

Applies to

BVI licensed insolvency practitioners, overseas insolvency practitioners, insolvent BVI business companies