Regulatory Alerts2024-09-26
Insolvency (Amendment) Act, 2024
The Legislature of the Virgin Islands enacted the Insolvency (Amendment) Act, 2024, to expand the Commission's powers to apply for the appointment of a liquidator under the Insolvency Act, Revised Edition 2020. The legislation amends sections 162 and 163 to include new grounds for liquidation applications, specifically targeting entities involved in money laundering, terrorist financing, proliferation financing, or breaches of sanctions and embargoes. These amendments also incorporate definitions for financial crime terms from the Financial Investigation Agency Act and allow the Commission to act against activities deemed contrary to the public interest or the financial services industry's best interests.
Share