This Plan of Dissolution of a Law Firm covers covers all necessary topics for the dissolution of the firm. Included are: Plan of dissolution, liquidation objectives, surrender of leasehold estates, estimated balance sheet items, termination of personnel, accounts receivable billing and collecting, cash management, professional liability, and indemnity issues.
Virgin Islands Dissolving a Law Firm
Category:
State:
Multi-State
Control #:
US-L07054
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Word;
PDF;
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FAQ
As described in more detail in our recent client bulletin, BVI companies are now required to prepare and file with their registered agent an ?annual return? containing a basic balance sheet and income statement.
A company may only be liquidated under the BVI's new rules if it has no liabilities ? or if it is able to pay its debts when they are due ? and the value of its assets equals or exceeds its liabilities. The liquidation process takes eight to 12 weeks on average.
Upon completion of voluntary liquidation, the BVI Registrar issues a certificate of dissolution. The legal fees to liquidate a company are USD 3 900[2]. The voluntary liquidation will also involve: payment for a pre-liquidation compliance check of the company (Compliance fee*), and.
All of the company's obligations and liabilities and distribute surplus assets to the members. The liquidator should prepare statements of account, obtain all company records, including financial records and, if required by the plan of liquidation, send a copy of the statements of accounts to all members.
The BVI Business Companies Act (No 16 of 2004) is the principal statute of the British Virgin Islands relating to British Virgin Islands company law, regulating both offshore companies and local companies. It replaced the extremely popular and highly successful International Business Companies Act.
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).
The British Virgin Islands Company Registry can be accessed online through the official website of the FSC. You can search for information on companies registered in the BVI by using the company name or registration number. Sometimes, you may be required to pay a fee to access certain information.