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...
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