BVI STORIES: BVI Restructuring and Insolvency Association (RISA)

BVI RESTRUCTURING AND INSOLVENCY ASSOCIATION (RISA)

In recent years, the BVI Restructuring and Insolvency Association (RISA) has been at the forefront of a rapidly shifting landscape, spearheading innovations to ensure the jurisdiction remains competitive and driving forward legislative change.

Restructuring and Insolvency is a crucial part of global financial plumbing, supporting businesses around the world in their times of need. With over 375,000 active registered companies, the British Virgin Islands is a crucial authority in this work, with specialised skills in this industry in high demand.

NURTURING TALENT FOR TODAY AND TOMORROW

Historically, restructuring and insolvency work has been done outside the BVI so bringing it within the jurisdiction has been an important focus for RISA. This will not only bring in revenue to the BVI but also create jobs.   A core priority for us over the last year has been education and training - creating pathways for the next generation to learn and grow in the profession and to capitalise on the opportunities in the sector. Working with BVI Finance, BVI RISA launched a series of programmes and seminars to demystify the profession and attract the next generation of insolvency specialists. From entry level online seminars ‘Insolvency 101’ to junior training programmes and BVI Insolvency Law exams, BVI RISA programmes cater to all parts of the profession.

These educational tools have also been popular with professionals already working across the industry looking to expand their knowledge and better advise clients.

SPEARHEADING REGULATORY INNOVATION

Developing and modernising legislation continues to be a top priority for RISA to ensure that the regime remains competitive and agile.

A key example of this is the recent work on the Insolvency Act. In 2021, we developed a series of recommendations to modernise the near 20-yearold act to ensure it is reflective of today’s global financial landscape.   Another priority for RISA is developing the reconstructing regime, ensuring the framework remains standardised across the different borders RISA operates in while remaining innovative and competitive against other jurisdictions. For this reason, RISA are consistently looking at how the processes can be improved and submit suggestions to the Bar Association on the matter.

LOCAL AS WELL AS GLOBAL APPROACH

The onset of the pandemic provided RISA with a platform to consider and implement measures that also assisted in local markets, leading local companies through the huge uncertainties they faced. This involved shaping legislation and guidance on issues such as forbearance of payment obligations and debt obligations.

Looking ahead, we will continue to embrace this dual role; assisting local businesses here in the BVI - including working to bring further employment opportunities to this growing sector - as well as playing a crucial role in restructuring and insolvency frameworks on an international scale.