Island Resort Seeks Ch. 11 Protection To Avoid Receiver

Law360, Miami (November 20, 2013, 5:39 PM EST) -- The owner of a private island luxury resort on Scrub Island in the British Virgin Islands on Tuesday ducked under Chapter 11 protection to prevent its lender from attempting to appoint a receiver and take control of the company.

Tampa, Fla.-based Scrub Island Development Group Ltd., which operates the resort on the private 230-acre Caribbean island, said its lender FirstBank of Puerto Rico has already succeeded in getting a court in the British Virgin Islands to appoint a temporary receiver until Nov. 27, after which the...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.