Virgin Islands Resolution of Directors to Dissolve Corporation with Submission of Proposition to Stockholders
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How to fill out Resolution Of Directors To Dissolve Corporation With Submission Of Proposition To Stockholders?
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FAQ
There are two main ways to dissolve a solvent company in BVI: by voluntary liquidation and by striking off. A company with no assets and liabilities can be struck off within 90 days or be liquidated within 4-6 weeks. Who can be the liquidator of a company?
Upon completion of voluntary liquidation, the BVI Registrar issues a certificate of dissolution. The legal fees to liquidate a company are USD 3 900[2]. The voluntary liquidation will also involve: payment for a pre-liquidation compliance check of the company (Compliance fee*), and.
All companies are required to have at least one director, although that director does not have to be a natural person. There is no requirement for directors to be a BVI resident or citizen.
Voluntary strike-off, also known as dissolution, places the responsibility for closing down the company firmly with yourself and other directors. Voluntary liquidation, on the other hand, is an official process undertaken by a licensed insolvency practitioner (IP).
The directors must formally agree to close down the company, either by passing a resolution at a board meeting or by written board resolution. You can then complete and file Companies House Form DS01.
Challenge Directors Where the shareholders exercise the right to remove a director by passing a written resolution, a majority must be of at least 75% of the shareholders entitled to vote (or, in either case, other thresholds specified in the Memorandum or Articles).
A shareholder resolution to dissolve corporation agreement is an authorization used when shareholders, during a formal meeting, agree to dissolve the corporation.
A company may only be liquidated under the BVI's new rules if it has no liabilities ? or if it is able to pay its debts when they are due ? and the value of its assets equals or exceeds its liabilities. The liquidation process takes eight to 12 weeks on average.
