Borrelli Walsh Manager Philip Smith has been approved as a Licensed Insolvency Practitioner by the British Virgin Islands Financial Services Commission. In BVI, an individual must be a Licensed Insolvency Practitioner if he is to be appointed as a liquidator for an insolvent liquidation, administrative receiver or supervisor of a creditors’ arrangement.
Borrelli Walsh’s BVI team works closely with our teams in Cayman and Asia to take key appointments in cross-border restructuring, insolvency and asset recovery matters. With full-service offices in BVI, Cayman, Hong Kong, Beijing, Shanghai, Singapore and Jakarta, we are well placed to provide a one-stop solution to corporate recovery matters involving offshore-onshore structures. Our recent matters include:
- Receivers over secured assets of a mining company, including a mine in Sierra Leone, by London-based senior secured lenders of a USD225m loan following the unlawful cancellation of the ownership and operating licence by the Government of Sierra Leone;
- Court Appointed Liquidators of a BVI holding company following its default on a USD290 million loan. The company holds majority interest in a PRC agriculture group, which is listed on the Stock Exchange of Hong Kong. Our work included working with the PRC bankruptcy administrator and the Provisional Liquidators of the Listco in relation to a global restructuring of the group. We also undertook investigations in relation to the use and whereabouts of the loan proceeds of USD511 million and pursued recovery and realisation of the company’s assets; and
- Liquidators of a BVI intermediate holding company by an agribusiness company listed on the Singapore Stock Exchange. The BVI company’s single asset was a 90% shareholding of an Indonesian company that owns a palm oil plantation and mill. Our work involved taking control of the BVI holding company, establishing the financial positions of the BVI and Indonesian companies and their estimate realisable value, associated security and encumbrance and managing the sale of the assets and business of the Indonesian subsidiary.