BRITISH VIRGIN ISLANDS - Mossack Fonseca & Co.

Foreign company
may continue
under this Act.
26/2005
26/2005
111
(5) A copy of an order of the Court made under subsection (3) shall be
annexed to every copy of the company’s memorandum issued after the
order has been made.
(6) In this section, “arrangement” includes a reorganisation of the company’s
share capital by the consolidation of shares of different classes or by the
division of shares into shares of different classes, or by both of those
methods.
(7) The Regulations may provide for the information and explanations to be
contained in, or to accompany, a notice calling a meeting under this
section.
(8) Where the Court makes an order with respect to a company under this
section, sections 169 to 179 shall not apply to the company.
(9) A company that contravenes subsection (5) commits an offence and is
liable on summary conviction to a fine of $5,000.
PART X
CONTINUATION
180. (1) Subject to subsection (2), a foreign company may continue as a
company incorporated under this Act in accordance with this Part if the
laws of the jurisdiction in which it is registered permit it to continue in
another jurisdiction, including the Virgin Islands.
(2) A foreign company may not continue as a company incorporated
under this Act if
(a) it is in liquidation, or subject to equivalent insolvency
proceedings, in another jurisdiction;
(b) a receiver or manager has been appointed in relation to any of
its assets;
(c) it has entered into an arrangement with its creditors, that has
not been concluded; or
(d) an application made to a Court in another jurisdiction for the
liquidation of the company or for the company to be subject to
equivalent insolvency proceedings has not been determined.
AE/ET/Pub./bg/03.2007