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Richard Evans and Rosalind Nicholson, lawyers in the Litigation & Restructuring department in Conyers’ British Virgin Islands office, discuss managing the Headcount test in Schemes of Arrangement offshore in the second quarter issue of INSOL World.
The Scheme of Arrangement (“Scheme”) was introduced into British Virgin Islands law in 2006 and has extended the range of options available to companies under the BVI Business Companies Act 2004, already known for its flexibility. Perhaps because of the stage of the economic cycle at which it was introduced, the principal use of the Scheme in the BVI to date has been in the context of corporate insolvencies, and the Scheme has been welcomed as a creative and efficient mechanism for effecting a compromise between a company and its creditors.
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A Democratic Solution: Managing the Headcount Test in Schemes of Arrangement Offshore
This article originally appeared in the second quarter issue of INSOL World and has been republished with permission from the publication.