Regulatory AlertsInsolvency Code of Practice (Revised 2020)
The Financial Services Commission of the Virgin Islands issues this statutory instrument to regulate all licensed insolvency practitioners under the Insolvency Act. The Code establishes mandatory criteria for license eligibility, including residency, fitness and properness, specific professional qualifications, and minimum professional indemnity insurance requirements. It further mandates strict adherence to ethical principles regarding objectivity and conflicts of interest, while requiring licensees to maintain quality control procedures and complete at least 30 hours of continuing professional education annually.
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