BVI Company Liquidation/Dissolution

[islandnights]

I have a British Virgin Island company that I no longer need, the registered agent says we need to liquidate the company and appoint a liquidator to sign dissolution documents. I was surprised that our registered agent does not provide a liquidator, so we have to find one. Does anyone know who provides the service to act as liquidator?

 

[troubled soul]

Do not pay the fee . Company automatically closed (Shut down) Easy Pesy

 

[islandnights]

They say if you let the company be struck off for not paying the annual registration you still need to to file EC (economic substances) reports for the next 7 years to be in good standing.

 

[islandnights]

To update this thread, I have had two different BVI lawyers confirm that when a company is struck off it is still liable to file Economic Substance reports for the following 7 years.

 

[Buttout]

They say if you let the company be struck off for not paying the annual registration you still need to to file EC (economic substances) reports for the next 7 years to be in good standing.

The company won't be in good standing anyway, since it doesn't pay annual fees or the dissolution fee. I don't see any incentive for filing the substance reports in this case...?

 

[islandnights]

The incentive is; Failure to do so or provide false information will be subject to a fine of up to USD75,000 and/or a prison term of up to 5 years for the individual.

Anyhow for those interested, if you phone around and speak to BVI lawyers you will eventually find one who can act in the capacity as a liquidator.

 

[Buttout]

a fine of up to USD75,000 and/or a prison term of up to 5 years

Sure, just as not paying the annual fee results in supposedly huge fines and threats before the company is struck-off (and then you are still liable for those fees+fines).

These are not enforceable.