Anguillan bankruptcy law

Anguillan bankruptcy law regulates the position of individuals and companies who are unable to meet their financial obligations.

[6] If the meeting is not successful in implementing a scheme, then the court will appoint a trustee in bankruptcy who will divide the property of the bankrupt between his creditors in the discharge of their claims.

There are also no powers conferred upon the liquidator specifically relating to challenging transactions entered into the "twilight" period which prejudice the general body of creditors, but there is limited scope to seek redress for such transactions outside of the insolvency regime under the Fraudulent Dispositions Act (Cap F.60).

However, the legislature is currently considering a comprehensive new Insolvency Act which will both close all of the relevant gaps in the law, and consolidate all related laws relating to both corporate insolvency and personal bankruptcy into a single statute.

Any disposition of property by the company after the commencement of winding-up is void unless the court otherwise orders.