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British Virgin Islands bankruptcy law is principally codified in the Insolvency Act, 2003 and to a lesser degree in the Insolvency Rules, 2005. Most of the emphasis of bankruptcy law in the British Virgin Islands relates to corporate insolvency rather than personal bankruptcy. As an offshore financial centre, the British Virgin Islands has many times more resident companies than citizens, and accordingly the courts spend more time dealing with corporate insolvency and reorganisation. The Insolvency Act largely eschews the rescue culture and emphasises the protection of creditors' rights (and in particular secured creditors' rights) over other stakeholders in a bankruptcy and the rehabilitation and protection of businesses as a going concern. This reflects the large number of structured finance vehicles incorporated in the jurisdiction which employ leveraged finance, but do not otherwise trade or have any employees. Bankruptcy of individuals is usually referred to as "personal bankruptcy" in the British Virgin Islands, whereas the bankruptcy of corporations is referred to as "corporate insolvency". The legislation largely deals with both separately, although there are some common provisions. ==History== Prior to the Insolvency Act coming into force on 1 January 2004, bankruptcy legislation in the British Virgin Islands was divided between the Bankruptcy Act (Cap 8) and the Companies Act (Cap 285). The previous legislation was largely piecemeal, and eventually resulted in a comprehensive review which led to the enactment of the 2003 statute. After the coming into force of the Insolvency Act 2003 (and the repeal of earlier legislation) the country had to wait nearly 18 months for the Insolvency Rules 2005 to come into force. In practice this meant that no bankruptcies were possible, because the delegation of certain key provisions, including the particulars of preferred creditors, were deferred to the rules. 抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』 ■ウィキペディアで「British Virgin Islands bankruptcy law」の詳細全文を読む スポンサード リンク
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