Regulatory Alerts2023-01-26
Insolvency (Amendment) Rules, 2023
The Cabinet of the Virgin Islands issued these rules to amend the Insolvency Rules, Revised Edition 2020, pursuant to section 498 of the Insolvency Act. The amendments introduce Division 8A to establish procedures for the dissolution of insolvent companies upon completion of liquidation and require notifications to the VIDIC for regulated banks. Additionally, the rules substitute references to the Commission with the Government in Rules 327 and 329 and update the Insolvency Surplus Account provisions in Rule 328.
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