This is an order for the appointment of a receiver. In an instance where the appointment of a receiver is necessary, this decision and order directs the receiver to reduce to cash any and all asssets where possible, and to file with the clerk a list of all assets and their disposition.
Virgin Islands Appointment of a Receiver
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Multi-State
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US-L07057
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FAQ
The British Virgin Islands acceded to the Hague Convention Abolishing the Requirement of Legalization for Foreign Public Documents in the year 1965.
The receiver's primary duty is to deal with the assets under his control and realise them for the benefit of his appointor. All other powers or duties are secondary to that primary obligation (In Re: Downsview Nominees Ltd v First City Corporation Ltd [1993] BCC 46).
The right of survivorship only applies to property owned as joint tenants, and comes into effect when one of the joint owners dies. Under this right, the surviving joint owner(s) of the property will automatically own the whole of the property. Right of Survivorship Explained - Co-op Legal Services co-oplegalservices.co.uk ? media-centre ? ri... co-oplegalservices.co.uk ? media-centre ? ri...
Joint tenants with the right of survivorship are two or more people who own an equal interest in a property. When one person dies their interest passes automatically to the surviving joint tenant(s). In contrast, tenants in common can own unequal shares in a property and have no right of survivorship. Right of Survivorship for Joint Tenants - LawDepot.com lawdepot.com ? right-of-survivorship lawdepot.com ? right-of-survivorship
The main feature of the joint tenancy is the right of survivorship ? a survivor automatically becomes the owner of the property on the other person's death.
Tenancy in common provides no right of survivorship In "tenancy in common", two or more persons are entitled to the possession and use of the same property but do not automatically inherit the co-owner's interest. Form of Ownership Governs Property Rights | Wolters Kluwer wolterskluwer.com ? expert-insights ? form-... wolterskluwer.com ? expert-insights ? form-...
A BVI grant of probate, or letters of administration, is required to validly deal with BVI assets held by a deceased person. This is most commonly required for shares in a BVI company (or other entity). Obtaining a grant of representation in the BVI - Ogier ogier.com ? news-and-insights ? insight ? o... ogier.com ? news-and-insights ? insight ? o...
A receiver is a person appointed as custodian of a person or entity's property, finances, general assets, or business operations. Receivers can be appointed by courts, government regulators, or private entities. Receivers seek to realize and secure assets and manage affairs to pay debts.