The liquidator of an insolvent company must be a Licensed BVI Insolvency Practitioner. An overseas practitioner who is not BVI-licensed may be jointly appointed with a Licensed BVI Insolvency Practitioner.The liquidator has wide ranging powers including the power to sell the company’s property and to borrow money and grant security over assets.
The liquidator in carrying out his duties generally is required to call a meeting of creditors and a creditor’s committee may be appointed. The liquidator is subject to the control of the court and has strict advertising, notice and reporting obligations under the Insolvency Act 2003.
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