BRITISH VIRGIN ISLANDS - Mossack Fonseca & Co.

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(c) a notice containing such additional information as may be
prescribed.
(5) A foreign company to which subsection (2) applies does not commit an
offence under 186(3) by carrying on business in the Virgin Islands during
the period commencing with the effective date and terminating on the
earlier of
(a) the date on which it files its application; and
(b) 31 st July 2006.
(6) A foreign company that contravenes subsection (4) commits an
offence and is liable on summary conviction to a fine of $10,000.
PART XII
LIQUIDATION, STRIKING-OFF AND DISSOLUTION
Division 1 - Liquidation
197. A company may only be liquidated under this Division if
(a) it has no liabilities; or
(b) it is able to pay its debts as they fall due.
198. (1) Where it is proposed to appoint a voluntary liquidator under this
Division, the directors of the company shall
(a) make a declaration of solvency in the approved form stating that,
in their opinion, the company is and will continue to be able to
discharge, pay or provide for its debts as they fall due; and
(b) approve a liquidation plan specifying
(i) the reasons for the liquidation of the company;
(ii) their estimate of the time required to liquidate the company;
(iii) whether the liquidator is authorised to carry on the
business of the company if he determines that to do so
would be necessary or in the best interests of the creditors
or members of the company;
AE/ET/Pub./bg/03.2007
26/2005
Application
of this Part.
Declaration
of solvency.