British Virgin Islands (''BVI'') - Voluntary Liquidations for Second Half Year Companies
As annual BVI Registry fees are payable by 30 November for those BVI companies that were incorporated or registered in the second half of the year, it is time to start planning the liquidation of those entities that have reached the end of their life cycle, to ensure that unnecessary Registry fees are not incurred.
In order to prevent the expense of annual 2019 government registration fees, an appointed voluntary liquidator will be required to file the final notice for dissolution of a company on or before 29 November 2018. In order to meet this deadline, we recommend that the voluntary liquidation commence as soon as possible. The company must be in good standing in order to commence a members' voluntary solvent liquidation, and to complete the winding up and dissolution process.
Consideration should be given to the requirements of Section 19(2) of the BVI Business Companies Regulations (2013 Revision) (as amended) when determining who will be appointed as voluntary liquidator of a BVI company. This section disqualifies certain individuals from acting as voluntary liquidator, including individuals that in the past two years have either been, a director of the company or an affiliated company or that have acted in a senior management position in relation to the company.
Comprising leading law firm, Maples and Calder, and specialised fiduciary and fund services provider Maples Fiduciary, the Maples Group provides clients with a comprehensive range of restructuring and liquidation services including a team comprised of dedicated individuals with extensive experience that can act as voluntary liquidators to BVI companies. For a straightforward voluntary solvent liquidation of a BVI company no remaining assets or liabilities, we can generally complete the process within six to eight weeks. Where there are assets, we can discuss the restructuring process and the timeframe on a case by case basis.
For further information on the team and our liquidation services, please view our brochure on our BVI Liquidation Services. Additionally, you may wish to refer to our legal guide with information on the statutory process: Voluntary Liquidations of Solvent British Virgin Islands Company Incorporated or Re-Registered under the BVI Business Companies Act (as amended).
Please do not hesitate to contact your usual Maples contact who would be happy to discuss your liquidation needs and answer any questions you may have.