International Insolvency Cooperation In Bermuda

Paul Smith • Posted 30/09/2009 • Under Articles

Bermuda has no legislation providing for the recognition of foreign insolvencies or for cooperation with foreign liquidators or administrators in insolvencies with an international element, equivalent to section 426 of the UK Insolvency Act 1986 or Chapter 15 of the US Bankruptcy Code. It has therefore been necessary for the courts to look to the common law in order to determine what assistance the Bermuda courts will provide in foreign insolvencies, as this article shows.