Guide to insolvent liquidations in Bermuda
A number of separate procedures are available to various interested parties upon the insolvency of a company in Bermuda. There are two statutory procedures: a compulsory winding up by the court and a creditors’ voluntary winding up. In addition, a secured creditor may be entitled to exercise a private contractual right to appoint a receiver of assets subject to debenture or similar security. This guide will discuss only the two statutory liquidation proceedings, namely winding up by the court and creditors’ voluntary winding up.
After introducing the two liquidation procedures and describing the respective processes by which each commences, the guide will consider insolvency-related issues.
A winding up by the court, also referred to as a compulsory winding up or liquidation, commences following the filing with the court of a petition presented by the company, one or more creditors or the registrar of companies…
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