Regulatory Alerts2005-03-23
Insolvency (Transitional Provisions) Regulations, 2004
The Executive Council of the Virgin Islands issued these regulations to establish the legal framework for transitioning from former insolvency laws to the Insolvency Act, 2003. The rules specify that proceedings commenced before the August 16, 2004 commencement date remain governed by the former law, while pending winding-up petitions are treated as applications under the new Act. Additionally, the regulations clarify the status of pre-Act receivers and insolvency practitioners, and preserve the prosecution of offences committed prior to the new regime's operation.
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