Last Monday the Territory formally implemented the Guidelines for Communication and Cooperation between Courts in Cross-border Insolvency Matters; and in the process joined a number of other leading jurisdictions that have already done so.
This implementation is the completion of a process that commenced at the Judicial Insolvency Network (JIN) conference in Singapore in October 2016. The conference was attended by judges representing Australia, British Virgin Islands, Canada, the Cayman Islands, England and Wales, Hong Kong SAR (as an observer), Singapore and the United States of America.
This conference which discussed various ways and means of improving cross-border insolvency matters was the genesis of the guidelines which now improves communications relating to cross-border insolvency matters; and is expected to minimize litigation time, and case expense.
The adoption of the Guidelines in the BVI was considered by the recently-formed Chief Justice’s Insolvency Committee, with broad stakeholder consultation. Justice of Appeal Paul Webster QC is Chairman of the Committee, Justice Barry Leon is Deputy Chairman, and the members are Gerard Farara QC, Arabella di Iorio, and Andrew Thorp.
The document to implement the Guidelines was signed by Chief Justice Dame Janice M. Pereira DBE on 10th May, published in the Gazette on 11th May, and took effect in the Territory on 15th May.
- Source: BVIHotpress.com