Virgin Islands Approval of grant of security interest in all of assets to secure obligations pursuant to terms of informal creditor workout plan
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How to fill out Approval Of Grant Of Security Interest In All Of Assets To Secure Obligations Pursuant To Terms Of Informal Creditor Workout Plan?
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FAQ
These mechanisms offer different solutions to people in different situations. The Personal Insolvency Arrangement applies to the agreed settlement and/or restructuring of secured debts up to a total of ?3 million (as well as unsecured debts) over a period of up to 6 years.
The solvency tests apply to the declaration and payment of dividends (including cash and in specie dividends, but excluding stock dividends), the redemption of shares, the purchase by the corporation of shares of its own issue and a reduction of stated capital).
Amid all the jurisdictions there are primarily two tests used for the determination of the company's insolvency, namely cash flow test (commercial insolvency test) and test of balance sheet.
Section 95A of the Corporations Act 2001 (?the Act?) sets out the test of insolvency in this way: ?(1) a person is solvent if, and only if, the person is able to pay all of the person's debts, as and when they become due and payable.
A company's solvency is to be determined by reference to section 95A of the Act - a company is solvent if, and only if, it is able to pay all its debts, as and when they become due and payable.
Summary of procedures ArrangementType of debt coveredDurationDebt Settlement Arrangement (DSA)Unsecured5 years (+1 in some cases) (max)Personal Insolvency Arrangement (PIA)Unsecured and secured6 years (+1 in some cases) (max)BankruptcyUnsecured and secured1 year1 more row ?
Owe debt to at least one secured creditor holding security over Irish property or assets. Have no more than 25% of your debts built up in the last 6 months. Not had a PIA before (you can only have one PIA in your lifetime) Not had a protective certificate issued for a PIA in the past year.
For companies incorporated under the BVI Business Companies Act the relevant solvency test is that: the value of the company's assets exceed its liabilities; and. the company is able to pay its debts as they fall due.