BRITISH VIRGIN ISLANDS - Mossack Fonseca & Co.

96
(2) Charges created on or after the commencement date which are not
registered shall rank among themselves in the order in which they
would have ranked had this section not come into force.
167. Charges created prior to the commencement date shall continue to rank in
the order in which they would have ranked had section 166 not come into
force and, where they would have taken priority over a charge created on
or after the commencement date, they shall continue to take such priority
after the commencement date.
168. Notwithstanding sections 166 and 167,
(a) the order of priorities of charges is subject to
(i) any express consent of the holder of a charge that varies
the priority of that charge in relation to one or more other
charges that it would, but for the consent, have had priority
over, or
(ii) any agreement between chargees that affects the priorities
in relation to the charges held by the respective chargees;
and
(b) a registered floating charge is postponed to a subsequently
registered fixed charge unless the floating charge contains a
prohibition or restriction on the power of the company to
create any future charge ranking in priority to or equally with
the charge.
PART IX
MERGER, CONSOLIDATION, SALE OF ASSETS, FORCED REDEMPTIONS,
ARRANGEMENTS AND DISSENTERS
169. In this Part,
“consolidated company” means the new company that results from the
consolidation of two or more constituent companies;
“consolidation” means the consolidating of two or more constituent
companies into a new company;
“constituent company” means an existing company that is participating in a
merger or consolidation with one or more other existing companies;
AE/ET/Pub./bg/03.2007
Priority of
other
charges.
26/2005
Exceptions to
sections 166
and 167.
Interpretation
for purposes
of this Part.