BRITISH VIRGIN ISLANDS - Mossack Fonseca & Co.

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(4) Nothing in subsection (3) shall operate so as to affect or extinguish
any right or remedy of a creditor against any other person, including
any surety of the segregated portfolio company.
(5) The Court may, upon discharging a portfolio liquidation order in
respect of a segregated portfolio of a segregated portfolio company,
direct that the segregated portfolio shall be dissolved on such date as
the Court may specify.
(6) When a segregated portfolio of a segregated portfolio company has been
dissolved under subsection (5), the company may not undertake
business or incur liabilities in respect of that segregated portfolio.
157. The remuneration of a portfolio liquidator shall be fixed by the Court
applying the general principles specified in section 432 of the Insolvency Act
and shall be payable, in priority to all other claims, from
(a) the segregated portfolio assets attributable to the segregated
portfolio in respect of which the portfolio liquidator was
appointed; and
(b) to the extent that these may be insufficient, from the general
assets of the company;
but not from any of the segregated portfolio assets attributable to any other
segregated portfolio.
158. (1) In this section, a “relevant segregated portfolio company” is a
company in respect of which the Court would have the power to make an
administration order under Part III of the Insolvency Act if it was satisfied in
respect of that company, as to the matters specified in section 77(1)(a) of
that Act.
(2) Application may be made to the Court for an administration order in
respect of a segregated portfolio of a relevant segregated portfolio
company.
(3) Part III of the Insolvency Act applies to
(a) an application made under subsection (2); and
(b) if the Court makes an administration order, to the
administration of the segregated portfolio;
AE/ET/Pub./bg/03.2007
26/2005
Remuneration
of portfolio
liquidator.
26/2005
Administration
of segregated
portfolio under
Insolvency Act.
No. 5 of 2003