British Virgin Islands: Voluntary Liquidations for First Half Year Companies
As annual invoices are being generated for those BVI companies that are registered in the first 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 fees are not incurred.
In order to prevent the expense of annual 2018 government registration fees, an appointed voluntary liquidator will be required to file the final notice for a company on or before 31 May 2018. In order to meet this deadline, we recommend that the voluntary liquidation commence prior to 30 April 2018.
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 who in the past two years have either been a director of the company or an affiliated company, or 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 MaplesFS, 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, no assets voluntary liquidation of a BVI company, we can generally complete the process within four to six weeks.
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 Liquidation of Solvent British Virgin Islands Companies 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.