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Anguillan bankruptcy law regulates the position of individuals and companies who are unable to meet their financial obligations. Bankruptcy of individuals is usually referred to as "personal bankruptcy" in Anguilla, whereas the bankruptcy of corporations is referred to as "corporate insolvency". The legislation largely deals with both ...
At the BC Supreme Court, Iyer J held that the province's Arbitration Act was engaged in the current case, [9] but current insolvency jurisprudence stated that the Bankruptcy and Insolvency Act allowed the court to exercise its "inherent jurisdiction to control its own processes in order to promote the objectives of the BIA". [10]
Anguillan corporate insolvency law is presently highly fragmented, with various different parts of appearing in either the Bankruptcy Act (Cap B.15) or the Companies Act (Cap C.65). However, the matrix of laws is nonetheless fragmentary and incomplete.
Nurse v Republic of Trinidad and Tobago (Trinidad and Tobago) [2019] UKPC 43: Attorney General of Trinidad & Tobago v Ayers-Caesar (Trinidad & Tobago) [2019] UKPC 44: In the matter of Stanford International Bank Ltd (In Liquidation) (Acting by and through its Joint Liquidators Mark McDonald and Hugh Dickson) [2019] UKPC 45
The Act governs bankruptcy proceedings, which are invoked: either voluntarily by a person who is insolvent, by a debtor's creditors, where the debtor owes at least $1000 and has committed an act of bankruptcy, or; where a proposal under the Act has failed. The Act also governs receivership proceedings. Receivers may be appointed by a secured ...
under the Bankruptcy and Insolvency Act, where it is insolvent or has committed an act of bankruptcy, or; under the Winding-Up and Restructuring Act, where it is an insolvent financial institution or an insolvent corporation incorporated under provincial law (although the latter case is only rarely seen in recent times). [97]
For the purposes of the BIA, it is important to be able to distinguish between legal definition of "insolvent person" and one of "bankrupt".Generally, an insolvent person is one who cannot pay his or her debts and may subsequently become bankrupt, either by assigning himself into bankruptcy, being petitioned into bankruptcy by the creditors, or being deemed to assign himself into bankruptcy by ...
In that case, the Court gave a detailed explanation of the nature of insolvency law in Canada. The Bankruptcy and Insolvency Act (BIA) provides a more rules-based approach for resolving a corporate debtor's insolvency, which must be observed strictly. The CCAA, on the other hand, provides a more discretionary approach that is remedial in nature ...