Virgin Islands Letter to Board of Directors regarding recapitalization proposal
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How to fill out Letter To Board Of Directors Regarding Recapitalization Proposal?
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FAQ
The main 'voidable' transactions in the BVI that can be annulled or set aside are: unfair preferences; transactions at undervalue; voidable floating charges; and.
In the context of liquidation, it commonly involves a payment of money or transfer of property out of the company's assets to a related or unrelated third party that either occurs at a time when the company was insolvent or otherwise causes a detriment to the company.
Section 208 of the Insolvency Act 2003 (Insolvency Act) provides that the costs and expenses of a liquidation, and any preferential creditors, take priority over floating charge creditors where the company's assets are insufficient to pay such claims and expenses.
The procedure for carrying out a voluntary liquidation is as follows: ? the directors must: ? make the declaration of solvency not more than four weeks; and ? approve the liquidation plan not more than six weeks, before the resolution to appoint the voluntary liquidator(s) is passed (in practice, the directors make the ...
The voidable transaction by the business in distress can include the payment of money or transfer of property. For example, imagine that a business has not paid their goods supplier for the last three months. After a formal notice from the supplier, the business pays back all the money that was due.
Administration is a procedure whereby a company can be reorganised, restructured or have its assets realised under the protection of a statutory moratorium. An administrator (a BVI-licensed insolvency practitioner) can be appointed by the BVI court over a company for the purpose of: rehabilitation of the company.
For companies incorporated under the BVI Business Companies Act the relevant solvency test is that: the value of the company's assets exceed its liabilities; and. the company is able to pay its debts as they fall due.
The main defence to a voidable transaction is that you received the transaction in good faith. Meaning that there was valuable consideration, you acted in good faith and you did not know, or could not reasonably have known, that the business was insolvent.
