Our team can assist in the investigation, analysis and resolution of business issues and disputes, whether reacting to an incident or offering proactive solutions. The local practice has extensive experience and qualification in insolvency, finance, business and information technology. They are able to provide services for all crisis management, fraud investigation and forensic matters in the BVI through well trained and experienced local staff and through the PwC global network.
The Crisis Management team is led by Mr. John Ayres who is licensed as an Insolvency Practitioner under the BVI Insolvency Act 2003. Under the Insolvency Act 2003, only licensed insolvency practitioners are eligible to accept appointments over BVI registered companies as administrative receiver, interim supervisor, supervisor, provisional liquidator, liquidator (other than in a solvent liquidation procedure) or bankruptcy trustee. There are, however, provisions to enable an overseas insolvency practitioner to be appointed jointly with a BVI licensed insolvency practitioner.
All provisions of the Insolvency Act 2003 came into force on August 16, 2004 except Part III (Administrations) and Part XVIII (Cross Border Insolvency Provisions). Solvent liquidation procedures are not dealt with under the Insolvency Act, but under the BVI Business Companies Act 2004 (As Amended). The BVI office also has extensive experience in carrying out solvent liquidations.