Amendments to the BVI Business Companies Act 2012: dissolution of company stuck off the Register

09.08.2012 July 2012 was marked the BVI new amendments to The BVI Business Companies Act 2004. In addition to the amendments in respect of bearer shares, shares and shareholders, re-use names of legal entities, substitute the new powers of directors, you can mark more innovation, which introduced by Sec. 69 of the BVI Business Companies (Amendment) Act, 2012. It deals with reducing the term of liquidation of companies. Whereas previously the company was considered to have terminated its activities (liquidated) after 10 years after she was removed from the registry, but now this term was reduced to 7 years.

Expert’s opinion

Reducing the term termination of the legal person with 10 years to 7 is just an improving measure.
If anyone have any claims against companies that are stucked off from the registry so such claims should be  made much earlier than in 10 years.
I am confident that this change is intended to facilitate the conduct of the liquidated companies registry and clean it from the companies that are just a dead weight.
Moreover, a huge number of names released of companies that can be reused.

On the basis: http://www.bvifsc.vg/

Lomakin Yaroslav ( Managing Partner of Honest & Bright Company Ltd)