Regulatory Alerts2020-07-16
Insolvency Practitioners (Amendment) Regulations, 2020
The Cabinet of the Virgin Islands issued these regulations under the Insolvency Act to amend the Insolvency Practitioners Regulations, 2004. The amendment introduces a new Regulation 5A requiring a non-refundable fee of five hundred dollars to accompany notices of proposed appointments for overseas insolvency practitioners. These regulations were gazetted on July 16, 2020, and came into force on August 1, 2020.
VIRGIN ISLANDS INSOLVENCY PRACTITIONERS (AMENDMENT) REGULATIONS, 2020 ARRANGEMENT OF REGULATIONS Regulation 1… Citation and commencement. 2... Regulation 5A inserted.
2 VIRGIN ISLANDS STATUTORY INSTRUMENT 2020 NO. 80 INSOLVENCY ACT, 2003 (No. 5 of 2003) Insolvency Practitioners (Amendment) Regulations, 2020 [Gazetted 16th July, 2020] The Cabinet, acting on the recommendation of the Financial Services Commission and in exercise of the powers conferred by section 486 of the Insolvency Act (No. 5 of 2003), makes these Regulations:
- (1) These Regulations may be cited as the Insolvency Practitioners (Amendment) Regulations, 2020. (2) These Regulations shall come into force on the 1 st day of August, 2020.
- The Insolvency Practitioners Regulations, 2004 are amended by inserting immediately after regulation 5, the following new regulation “Notice fee for the proposed appointment of an overseas insolvency practitioner 5A. Notice of the proposed appointment of an overseas insolvency practitioner provided to the Commission under section 483 (b) of the Act, shall be accompanied by a non-refundable fee of five hundred dollars.” Made by Cabinet this 30th day of June, 2020. (Sgd.) Sandra Ward, Cabinet Secretary. Citation and commencement. Regulation 5A inserted. S.I No. 63 of 2004