It has long been acknowledged that schemes of arrangement are a flexible and often vital tool in restructuring companies. This is due in part to the binding nature of the court’s order if the proposed arrangement is successful.
Since the advent of the International Business Companies (IBC) Ordinance Act more than 20 years ago, companies legislation in the British Virgin Islands (BVI) has made express provision for such schemes, so it may seem strange that they have been rarely used in the jurisdiction.
