The British Virgin Islands (BVI) is reforming its insolvency laws to bring them closer to the English Insolvency Act 1986
The aim is in line with the ambitions of many offshore jurisdictions: to present themselves as sophisticated and well-regulated financial centres. "The ability to predict outcomes accurately, to assess exposure and evaluate security, both in a domestic and international context, will prove a significant competitive advantage," said Peter Tarn, a finance partner at BVI firm Harney Westwood & Riegels. Tarn advised the BVI government on the reforms, which are at draft bill stage. The firm has set up a London office. A key element of the review deals with cross-border issues, particularly in terms of access of foreign representatives and creditors, recognition of foreign proceedings, and cooperation with foreign courts.