Insolvency (Amendment) Act, 2024 (Commencement) Notice, SI No. 78 of 2024

Summary

This is a commencement notice made by the Minister of Financial Services, Economic Development and Digital Transformation under the Insolvency (Amendment) Act, 2024. It does not itself change any substantive insolvency rules; it simply fixes the date on which the Insolvency (Amendment) Act, 2024 (No. 18 of 2024) takes legal effect.

• Effect: Declares that the Insolvency (Amendment) Act, 2024 comes into force on 2 January 2025.
• Nature: An administrative commencement instrument; the underlying amendments' content is contained in the Insolvency (Amendment) Act, 2024 itself, not in this notice.

Practitioners and insolvency practitioners operating under BVI law should note that any changes made by the Insolvency (Amendment) Act, 2024 are now in force as of 2 January 2025, and should consult the text of that Act for the substantive changes.

Applies to

insolvency practitioners, persons subject to BVI insolvency law

Deadlines

• 2nd day of January, 2025: Date on which the Insolvency (Amendment) Act, 2024 comes into force