BRITISH VIRGIN ISLANDS - Mossack Fonseca & Co.

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(c) provide for modifications to the Insolvency Act necessary to apply
that Act to the liquidation and administration of segregated
portfolios and of segregated portfolio companies;
(d) generally give effect to this Part; and
(e) provide for the fees and penalties payable by segregated
portfolio companies which may be in addition to, or in
substitution for, the fees and penalties specified in Schedule 1.
(3) Regulations made under this section may make different provision in
relation to different persons, circumstances or cases.
160. (1) In this Part,
PART VIII
REGISTRATION OF CHARGES
“charge” means any form of security interest, over property, wherever
situated, other than an interest arising by operation of law;
“commencement date” means
(a) in the case of a former Act company, the date that it is reregistered
as a BVI business company under Schedule 2, or
(b) in any other case, 1 st January 2005;
“liability” includes contingent and prospective liabilities;
“property” includes future property;
“relevant charge” means a charge created on or after the commencement
date.
(2) A reference in this Part to the creation of a charge includes a
reference to the acquisition of property, wherever situated, which was,
immediately before its acquisition, the subject of a charge and which
remains subject to that charge after its acquisition and for this
purpose, the date of creation of the charge is deemed to be the date
of acquisition of the property.
AE/ET/Pub./bg/03.2007
Schedule 1
Interpretation
for this Part.
26/2005