From Global Regulation & Policy

BVI Statutory Avoidance Claims in Foreign Courts

In an important decision on an appeal from the courts of the British Virgin Islands (BVI), the Judicial Committee of the Privy Council (the Privy Council) has confirmed that BVI statutory avoidance remedies in insolvency proceedings may be granted by foreign courts (assuming the foreign court is not disabled from doing so by its own law). Whether the foreign court will choose to exercise such powers will, of course, be a matter for the foreign court.