Regional news: British Virgin Islands

Aman Resorts ex-holding company survives renewed bankruptcy bid

Yet another attempt to push the former holding company of luxury hotel chain Aman Resorts into bankruptcy proceedings has failed, after a BVI court dismissed an application brought by three alleged creditors.

09 May 2017

ABI Caribbean Insolvency Symposium: a view from the bench

The American Bankruptcy Institute met in Grand Cayman last week, hosting a roundtable discussion featuring some of the US’s leading bankruptcy jurists.

14 February 2017

BVI liquidators cast a net for information on fishery group in Hong Kong

A Hong Kong court has recognised the British Virgin Islands liquidation proceedings of four entities belonging to Chinese-owned fishery group Pacific Andes, separate to the group’s main Chapter 11 bankruptcy.

06 February 2017

BVI judge considers benefits of arbitrating cross-border insolvency disputes

British Virgin Islands judge Barry Leon has suggested that international arbitration could be the answer to some of the pressing issues in cross-border insolvencies – and the new Judicial Insolvency Network (JIN) could be an ideal body to help create a tailored arbitral process.

15 November 2016

Norwich Pharmacal order compels BVI third party to disclose foreign debtor’s assets

A court in the British Virgin Islands has compelled the locally based agent of a foreign debtor to provide information on the whereabouts of its assets, in a decision that broadens the court’s jurisdiction to grant relief for an international judgment creditor.

11 November 2016

US court gives trustee control over China Fishery’s Peruvian business

A New York court has agreed to the appointment of a Chapter 11 trustee to administer crucial Peruvian assets of the industrial fishing conglomerate China Fishery Group, taking control of the business partially out of the hands of its directing family.

02 November 2016

BVI Court allows liquidators to draw fees from debtor without prior approval

The Commercial Court of the British Virgin Islands has issued a first-of-its-kind order allowing the liquidators of a Hong Kong-based electronics company to draw fees for costs from the debtor’s estate before securing formal approval of the amounts to be paid.

10 October 2016

Pacific Andes files in US as Singapore court puts end to global moratorium

Global industrial fishing group Pacific Andes has dropped its Singaporean scheme and filed for Chapter 11 in the US after a Singapore court declined to extend a global moratorium for the company and its subsidiaries, leading creditors to file winding-up petitions in Bermuda and the BVI.

30 September 2016

BVI court denies derivative claim for stay of Hong Kong liquidation

A court in the British Virgin Islands has declined to grant shareholders of a locally-incorporated company leave to bring derivative proceedings in Hong Kong, for the purpose of stopping what they claim is the “improper and unlawful” liquidation of a subsidiary.

17 August 2016

Brazilian court refuses to recognise BVI proceeding on public policy grounds

Brazil’s Superior Court of Justice has said it won’t recognise the liquidation of a British Virgin Islands company, citing risks to the judicial recovery of the company’s Brazilian subsidiary.

12 July 2016

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