Virgin Islands Clauses Relating to Termination and Liquidation of Venture
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How to fill out Clauses Relating To Termination And Liquidation Of Venture?
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FAQ
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.