Virgin Islands Clauses Relating to Termination and Liquidation of Venture

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This form is a model adaptable for use in partnership matters. Adapt the form to your specific needs and fill in the information. Don't reinvent the wheel, save time and money.

Virgin Islands Clauses Relating to Termination and Liquidation of Venture refer to the specific provisions included in a business agreement or partnership contract that outline the process, conditions, and obligations when terminating or liquidating a joint venture in the Virgin Islands. These clauses are crucial for protecting the rights and interests of all parties involved and ensuring a smooth dissolution of the business collaboration. Below are some important aspects and potential types of Virgin Islands Clauses Relating to Termination and Liquidation of Venture: 1. Termination Clause: — Termination for cause: This clause specifies the grounds on which either party can terminate the joint venture due to a material breach of the agreement, non-performance, or violation of specific terms. — Termination for convenience: This clause allows either party to terminate the joint venture without cause or a particular reason, provided they give a specified notice period, such as 30 or 60 days, to the other party. — Termination due to bankruptcy or insolvency: This clause addresses the termination of the joint venture if one or both parties file for bankruptcy or become insolvent. 2. Liquidation Clause: — Distribution of assets: This clause outlines how the assets, liabilities, and funds of the joint venture will be distributed among the parties upon liquidation, taking into account any outstanding debts, obligations, or contractual agreements. — Dispute resolution: This clause may specify the method of resolving any disputes that may arise during the liquidation process, such as through mediation, arbitration, or litigation. — Final accounting and financial statements: This clause ensures that all financial matters are appropriately documented and any remaining financial obligations are settled before finalizing the liquidation. — Dissolution notice: This clause requires formal written notice to be provided by one party to the other(s) to initiate the liquidation process, including the timeline and steps involved. — Winding-up process: This clause explains the sequence of actions to be taken during the liquidation, including the appointment of a liquidator, the sale or disposal of assets, and a timeline for completion. It is important to note that the actual clauses and specific contents may vary depending on the nature of the venture, the parties involved, and any applicable laws or regulations in the Virgin Islands. Consulting legal professionals familiar with the jurisdiction is highly recommended ensuring the inclusion of comprehensive and enforceable termination and liquidation clauses.

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Most companies advance an insolvent liquidation because: The business cannot pay its debts as and when they fall due. Liabilities exceed total assets. The business is making losses and there are minimal prospects to turn it around. The directors are finding it hard to cope with the stress and pressure of trading.

Once a company strike off form has been filed, the company can no longer trade, sell company assets or become involved in any other business activities. For all intents and purposes, your business is closed. If your company is found liable for the above, you could face severe penalties.

A BVI company that becomes struck-off for non-payment of registrar fees can be restored in the Register (at any time prior to it being dissolved) through the payment of the outstanding fees plus a restoration fee.

The right to bring a challenge derives from Section 273 of the BVI Insolvency Act 2003, which provides: A person aggrieved by an act, omission or decision of an office holder may apply to the Court and the Court may confirm, reverse or modify the act, omission or decision of the office holder.

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 ...

In the circumstances, once a company has been struck off, it will not be possible for moneys in its bank account to be accessed whether to pay the debts of the company or to make a distribution to members. The company will not legally be able to sell or pass title to its assets.

Closing a BVI Company ? BVI Company Dissolution BVI Company Dissolution feesBVI Registry discontinue feeUS$250BVI Agent and Liquidator£2000Economic Substance filing: (mandatory)£450Disbursements to make the filings on VIRRGIN and publish statutory adverts in the BVIUS$4703 more rows

The strike off process is as follows: the Registrar must: send the company a notice stating that it will be struck off on the date specified in the notice (which must not be less than 90 days after the date of the notice) (the Expiration Period) unless the company shows cause why it should not be struck off; and.

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Feb 1, 2019 — A structured guide to liquidation procedures in the British Virgin Islands. The Contractor agrees further to begin work not later than the date indicated on the formal notice to proceed and complete the work within the number of days ...These liquidated damages are in addition to excess costs of repurchase under the Termination clause. ... [Complete only if the offeror is a women-owned business ... Clear guidelines for other intangible assets, tangible assets, intellectual property, capital account, liability, etc., must be laid down in the JV agreement ... For the avoidance of doubt, the parties hereto agree to terminate this Agreement (save for such provisions thereof as are intended to continue after an IPO) on ... All rights with respect to the Series A Preferred Shares converted pursuant to clause ... (c) if the Company is carrying out a joint venture between the Members ... Sep 1, 2022 — File a notice of completion or termination of the CCA with the BVI Registrar. Send a notice of completion or termination to each creditor of ... Each beneficiary shall file with the Department of Labor a copy of all proposed Employment contracts or Agreements, Statement of Conditions of Employment, ... This form is a model adaptable for use in partnership matters. Adapt the form to your specific needs and fill in the information. Don't reinvent the wheel, save ... Jan 1, 2005 — business in the Virgin Islands, file a notice in the approved form. (2) On receipt of a notice under subsection (1), the Registrar shall remove.

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Virgin Islands Clauses Relating to Termination and Liquidation of Venture