Virgin Islands Liquidation of Partnership with Sale of Assets and Assumption of Liabilities
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How to fill out Liquidation Of Partnership With Sale Of Assets And Assumption Of Liabilities?
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FAQ
The purpose of liquidation is to ensure that all the company's affairs have been dealt with and all its assets realised. When this has been done, the liquidator will apply to have the company removed from the register at the Companies House and dissolved, which means it ceases to exist.
The liquidation period starts when the notice of the liquidator's appointment is filed. The liquidation must then be advertised in the Official Gazette in the BVI and one other national newspaper, and in a national newspaper in the main trading jurisdiction. The liquidator then takes control and custody of the assets.
If a company goes into liquidation, all of its assets are distributed to its creditors. Secured creditors are first in line. Next are unsecured creditors, including employees who are owed money. Stockholders are paid last.
The liquidator needs to be an eligible individual, but need not be resident in the British Virgin Islands and may not be (nor have been for two years prior to the liquidation) a senior manager or a director of the company to be liquidated or an affiliated company.
Allow a creditor to force the company into a compulsory liquidation. This is the cheapest option in that it doesn't actualy cost you anything.
The answer is no, you cannot liquidate your own company, because you need to be a licensed insolvency practitioner to liquidate a company!
If a company goes into liquidation, all of its assets are distributed to its creditors. Secured creditors are first in line. Next are unsecured creditors, including employees who are owed money. Stockholders are paid last.
It can be completed in as little as 4 to 6 weeks. Allowing or applying for the company to be struck off the register is, on paper, a simpler and quicker process.
The creditors' voluntary liquidation processCompany is unable to pay its debts.A liquidator is appointed.The liquidator publishes a notice on the ASIC Published Notices website.Creditors are notified of the liquidation.Creditors' meeting.The administration of the liquidation begins.Completion.