Offshore: The British Virgin Islands (BVI) Business Companies Act 2004 and the Insolvency Act 2003 form part of a two-year process to reform the widely-used International Companies Act. Peter Tarn reports on the issues to consider
October 12, 2005 at 08:03 PM
1 minute read
The original version of this story was published on Legalweek
Changes flowing from the introduction of the British Virgin Islands (BVI) Business Companies Act 2004 and the Insolvency Act 2003 have a significant impact on what security package is appropriate when dealing with BVI companies.
Both pieces of legislation have the potential to strengthen the position of the well-advised secured creditor but there are transitional issues and other changes that need to be considered, and in all probability, acted upon.
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