Regulatory Alerts2005-03-23
Insolvency (Amendment and Consequential Provisions) Act, 2004
The Legislature of the Virgin Islands enacted this Act to amend the Insolvency Act, 2003 and make consequential provisions following its enactment. The legislation introduces numerous technical amendments to the principal Act, including updating definitions, clarifying procedural requirements for creditors' meetings, and establishing rules for the withdrawal or termination of company arrangements. It also modifies the powers and duties of administrators, insolvency practitioners, and the Official Receiver while introducing new sections to address specific insolvency scenarios.
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