Voluntary Liquidations For Second Half Year Companies

As annual British Virgin Islands ("BVI") Registry fees are now payable 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. 

To prevent the expense of annual 2021 government registration fees, an appointed voluntary liquidator will be required to file the final notice for a company on or before 27 November 2020.  To meet this deadline, we recommend that the voluntary liquidation commence prior to 15 October 2020.

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