Virgin Islands Plan of Liquidation and Dissolution of a Corporation

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Multi-State
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US-0076BG
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Description

Dissolution is the act of bringing to an end. It is the act of rendering a legal proceeding null, or changing its character. Under corporate law, it is the last stage of liquidation. Dissolution is the process by which a company is brought to an end.



Liquidation is the selling of the assets of a business, paying bills and dividing the remainder among shareholders, partners or other investors. A business need not be insolvent to liquidate. Upon liquidation of certain business, such as a bank, a bond may be required to be posted to assure the proper distribution of assets to creditors.

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FAQ

The procedure for carrying out a voluntary liquidation is as follows: ? the directors must: ? make the declaration of solvency not more than four weeks; and ? approve the liquidation plan not more than six weeks, before the resolution to appoint the voluntary liquidator(s) is passed (in practice, the directors make the ...

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There are two main ways to dissolve a solvent company in BVI: by voluntary liquidation and by striking off. A company with no assets and liabilities can be struck off within 90 days or be liquidated within 4-6 weeks. Who can be the liquidator of a company?

Closing a BVI Company ? BVI Company Dissolution BVI Company Dissolution feesBVI Registry discontinue feeUS$250BVI Agent and Liquidator£2000Economic Substance filing: (mandatory)£450Disbursements to make the filings on VIRRGIN and publish statutory adverts in the BVIUS$4703 more rows

Voluntary strike-off, also known as dissolution, places the responsibility for closing down the company firmly with yourself and other directors. Voluntary liquidation, on the other hand, is an official process undertaken by a licensed insolvency practitioner (IP).

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Virgin Islands Plan of Liquidation and Dissolution of a Corporation