Regulatory Alerts2023-02-09
Insolvency (Amendment) Code of Practice, 2023
The Financial Services Commission of the Virgin Islands issued this Code of Practice to amend Chapter III of the Insolvency Code of Practice, Revised Edition 2020. The amendments redefine residency requirements for insolvency practitioners by specifying criteria for habitual residence and allowing temporary absences of up to 180 days. Additionally, the Code updates fitness and propriety standards by referencing Schedule 1A of the Regulatory Code and corrects a reference in paragraph 4.2 to include 'of the Regulations'.
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