Insolvent trading – British Virgin Islands companies

Many businesses are currently experiencing unprecedented pressure on their cash flow as a result of the COVID-19 pandemic and the governmental restrictions which are being implemented around the world. It is very important therefore that directors of British Virgin Islands (BVI) companies which may be approaching insolvency take steps to evaluate the position of the company with a view to avoiding personal liability.

Related briefings

Norway Practice Bulletin 2020

In this issue we highlight the impressive growth in the number of Bermuda companies listed on the Oslo Stock Exchange and the Norway Over-the-Counter market over the last five years – a dozen new listings between them, including BW Energy’s IPO on the Oslo Børs in February.

Bermuda amends National Pension Scheme – Update #3

Following our alert of March 2020, providing an update about the amendments to the National Pension Scheme, we further update on amendments passed in Bermuda’s House of Assembly on Friday 8 May 2020, to section 24 of the National Pension Scheme (Occupational Pensions) Act 1998 which expands the ability of members and former members of defined contribution pension plans and local retirement products to obtain limited refunds from their pension balances.

Bermuda commercial leases and Covid-19

Covid-19 has clearly had a huge impact on both landlords and tenants of commercial premises. In this article we aim to deal with queries that both landlords and tenants may have in respect of their obligations and liabilities under their leases and related insurance claims. This is intended as general advice only since, as with any contract, it will be necessary to review the terms of the lease or insurance policy before giving specific advice.

Latest Briefings

How UK employers can deal with special circumstances of Covid-19

The coronavirus (COVID-19) has been declared a pandemic by the World Health Organization (WHO). As the virus continues to spread extensively, it poses significant challenge to businesses and raises various points of employment law for employers.

COVID-19 and investment protection

As the world grapples with COVID-19, we are seeing some of the most unprecedented State measures of our time. Measures causing severe financial damage to many businesses and industries. Where does that leave foreign investors? Will they be able to claim compensation?

Cayman Islands Employment Update

The first ever electronic meeting of the Cayman Islands Legislative Assembly on 23 April 2020 considered a number of pieces of legislation, largely in response to the COVID-19 emergency, that are likely to be of interest to local employers and employees. This note is intended to provide a brief overview of the key changes: some […]

Corona Crisis: Amendment of the obligation to file for insolvency in CEE

With the fourth law on COVID-19, the Austrian legislator has suspended the obligation of an overindebted debtor to file for insolvency until 30 June 2020, irrespective of the cause of the over-indebtedness. Some other countries in the CEE region have also adopted measures to combat the consequences of COVID-19 as detailed in the following overview…

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