Insolvency Practitioners (Amendment) Regulations, 2020

Summary

This regulation amends the Insolvency Practitioners Regulations, 2004 to introduce a fee for notifying the BVI Financial Services Commission of a proposed appointment of an overseas insolvency practitioner. It came into force on 1 August 2020.

• New provision: Inserts a new regulation 5A into the Insolvency Practitioners Regulations, 2004.
• Fee introduced: Notice of the proposed appointment of an overseas insolvency practitioner, given to the Commission under section 483(b) of the Insolvency Act, must be accompanied by a non refundable fee of five hundred dollars.
• Commencement: The amendment took effect on 1 August 2020.

Key obligations

• Any notice given to the Commission of a proposed appointment of an overseas insolvency practitioner under section 483(b) of the Insolvency Act must be accompanied by a non refundable fee of USD 500.

Applies to

insolvency practitioners, overseas insolvency practitioners

Deadlines

• 1st day of August, 2020: Commencement date of the Insolvency Practitioners (Amendment) Regulations, 2020.