Cross Border Insolvency Update

Mark J. Forté • Posted 01/09/2009 • Under Articles

This article provides an overview of how BVI, Cayman and Bermuda have evolved their approaches to international insolvency work. The extent to which assistance is considered appropriate is to some extent forged by political as well as commercial factors. Bermuda's efforts in this regard are firmly footed in common law (including the decision from the Commercial Court of Bermuda in Global Fund Ltd). Cayman has very recently adopted a statutory framework more akin to the well established BVI foreign assistance provisions. The approach of these jurisdictions to the UNCITRAL model law makes for an interesting study.