Islands does not really provide for any form of debtor in possession rehabilitation. Although the Insolvency Act also makes provision for administration orders, these provisions have not yet been brought into force. It is also possible for an insolvent company to enter into a creditor's arrangement under a supervisor, and thereby restructure the company's debts. Such arrangements cannot affect the rights of secured creditors or preferential creditors without their consent, and require the consent of 75% of creditors by value and a majority in number. In order to act as a liquidator in an insolvent liquidation, administrative receiver (but not a simple receiver), supervisor of an arrangement or administrator (if administration is ever brought into force) a person must be a licensed insolvency practitioner. A practitioner must be resident in the British Virgin Islands to obtain a licence. However, it is possible for a foreign insolvency practitioner to be appointed jointly with the British Virgin Islands resident licensed insolvency practitioner. Financial services regulation Financial services are regulated in the British Virgin Islands by the Financial Services Commission (or FSC), an independent regulator. Unusually, the entire Companies Registry in the British Virgin Islands falls under the purview of the FSC. The FSC's ambit also extends to companies (and any other entities) which are engaged in regulated business. The principal types of business which are regulated are: Investment funds Investment business, including: dealing in investments arranging deals in investments managing investments providing investment advice Insurance Banking Financing and money services Trust companies Company management Most regulated business in the British Virgin Islands is regulated if it is conducted "in or from within" the jurisdiction. Accordingly, if a British Virgin Islands is incorporated to provide investment advice in Malaysia, it would still be regulated in the British Virgin Islands because it is providing regulated services "from within" the jurisdiction. See also List of company registers External links Video: The Story of the IBC Act BVI FSC Legislation library - general heading BVI FSC Legislation library - BVI Business Companies Act, 2004 (does not include amendments after 1 January 2006) BVI FSC Legislation library - Insolvency Act, 2003 BVI FSC Legislation library - Securities and Investment Business Act, 2010 (does not include 2012 amendments) Key features of the BVI Business Companies Act Economic Substance Requirements for companies incorporated under the BVI Business Companies Act Footnotes Economy of the British Virgin Islands