British Virgin Islands
A BVI company that becomes struck off for non-payment of registrar fees can be restored in the Register (at any time before it is dissolved) through the payment of the outstanding fees plus a restoration fee.
However, if a company that has become struck-off remains for seven straight years, it will be deemed "dissolved."
To restore a dissolved company, a petitioner must formally apply to the Court requesting the restoration. Notice of the application for restoration must be served to:
(a) the Registrar;
(b) the Financial Secretary of the Ministry of Finance; and
(c) if the company was a regulated person, to the Financial Services Commission.
Each of these authorities is entitled to appear at the court hearing to restore the dissolved company.
An application to restore the company to the Register may be made by a creditor, a former director, a former member (shareholder), or any person interested in having the company restored. The application to restore a dissolved company must be made within ten years of the date on which the company was administratively dissolved. In addition, the application must be accompanied by certain corporate documents and evidentiary documents that your registered agent, or the attorney assisting you with the restoration, will request from you. It is important to note that a dissolved company may be restored through any BVI attorney if the above criteria are met. It is unnecessary to go through the company's registered agent; this is especially helpful to note in those cases in which the company's registered agent has since ceased to exist.
Once the application with its supporting documentation has been filed, a court date will generally be scheduled within 30-45 days of the filing date if the application is in good order. This time frame intends to accommodate any responses from the Financial Services Commission and Financial Secretary, who, as mentioned above, are part of the application.
On the day of the hearing, the Court will decide whether the company's restoration shall proceed and grant the order. Once the Court grants the restoration, after the court order has been finalized, the interested party will have to pay all outstanding fees with the Registrar to restore the company.
In some cases, the matter may be challenged by the Registrar and require an additional submission from the interested party.
It is also important to note that if the matter is urgent and the interested party can provide good reason(s) to the Registrar, an urgent hearing may be requested.
Attorney fees for a restoration application will generally vary depending on the claim and/or the company's assets held before dissolution.
If you have any questions about BVI companies or any other process, please feel free to contact us at Contact@viss.com.hk or directly to your Account Manager.
Comments