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The Company Liquidation Steps in BVI
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Closing down a BVI company is done by completing several steps, among which liquidating the company's assets. Find out more about the process and the requirements from our article and by contacting our team: https://bvicompanyincorporation.com/c.... • ______________________________________ • 1 The Company Liquidation Steps in BVI • A presentation brought to you by BVICompanyIncorporation.com • 2 A BVI company that is no longer profitable or needed by its founders can be dissolved through liquidation or striking off from the Registrar of Companies. • 3 We recommend that BVI company owners who are interested in company liquidation reach out to our team to check if they meet the requirements. • 4 A BVI company can be liquidated under the Companies Act only if it is solvent. This means that it needs to be able to pay its debts to its creditors before it can be closed. • 5 An insolvent company in the Islands may only be liquidated under the Insolvency Act. Information on this particular situation can be provided upon request by our team. • 6 Conditions for Liquidation • Companies can be liquidated when: • • they have no liabilities; • • they have liabilities but are able to make the due payments. • 7 The Effects of Liquidation • A company that has been liquidated is dissolved immediately after the distribution of all its property. • 8 Liquidation Steps • The liquidation starts with a declaration of solvency and a liquidation plan approved by the company’s directors which outlines the main issues concerning the process. • 9 Voluntary Liquidation • In the case of voluntary liquidation, the appointed liquidator fulfils an important role. He takes custody of the property and handles the debt payment process. • 10 Business owners who wish to liquidate a company can reach out to our local BVI company experts for complete assistance during the process. • 11 Thank You for Watching! • Contact us at: • www.bvicompanyincorporation.com • [email protected]
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