International Corporate Rescue
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Vol 18 (2021) - Issue 4
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Hanging on by a (Golden) Thread: Modified Universalism and Cross Border Insolvency in the BVI
Richard Brown, Partner, Carey Olsen, London, UK, and Monique Hanson, Associate Carey Olsen, Hong KongSynopsis
This article considers the impact of the recent Eastern Caribbean Court of Appeal decision in Net International Property Limited v Erez, which confirmed that the BVI courts did have jurisdiction at common law to recognise foreign insolvency office-holders, but that the common law jurisdiction to provide assistance to such office-holders no longer applies in the BVI. The article explains the rationale for the decision, and considers the implications for the application of the doctrine of modified universalism in the BVI.
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