Regulatory Alerts2022-12-29
Insolvency (Amendment) Act, 2022
The Legislature of the Virgin Islands enacted this Act to amend the Insolvency Act, Revised Edition 2020, by introducing new definitions and expanding the regulatory oversight of insolvent entities. The legislation grants the Virgin Islands Deposit Insurance Corporation and the International Tax Authority specific powers to apply for the appointment of liquidators and receive final reports for regulated persons, particularly banks. Additionally, the Act transfers administrative responsibilities and financial account management from the Commission to the Government.
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