Recognition and assistance for foreign office holders in Bermuda, BVI and Cayman
The offshore world has seen an increase in insolvency matters raising cross-border issues together with a clear trend of judicial inventiveness. Such a position has produced a fertile background in the leading offshore jurisdictions to test the limitations of the desire to assist foreign liquidators and the extent to which the guidance set out by UNICTRAL Model Law on Cross Border Insolvency will be followed.
This article specifically considers the position in Bermuda, the British Virgin Islands (BVI) and Cayman. None of these jurisdictions have adopted the Model Law, yet by the very nature of the business that they attract, a large number of the insolvency matters that arise involve cross-border issues. As a result, each has developed increasingly effective, yet different, means to achieve, in the interests of comity, much of what the Model Law is designed to produce…
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