BRITISH VIRGIN ISLANDS - Mossack Fonseca & Co.

Control of
voluntary
liquidation of
regulated
person.
Duration of
liquidation.
26/2005
Circumstances
in which
liquidator may
not be
appointed.
No. 5 of 2003
129
(3) A resolution to appoint a voluntary liquidator shall not be passed
under subsection 199 by the directors or members of a company
that is a regulated person, other than a long term insurance company,
unless the Commission has
(a) given its prior written consent to the company being put into
voluntary liquidation; and
(b) approved the appointment of the individual proposed as
voluntary liquidator.
(4) Any resolution passed in contravention of subsection (3)(a) and any
appointment of a liquidator who has not been approved by the
Commission under subsection (3)(b) is void and of no effect.
201. (1) The Commission may, at any time during or after the completion of
the voluntary liquidation of a regulated person, require the liquidator to
produce for inspection, at such place as it may specify
(a) his records and accounts in respect of the liquidation; and
(b) any reports that he has prepared in respect of the liquidation.
(2) The Commission may cause the accounts and records produced to it
under subsection (1) to be audited.
(3) The voluntary liquidator of a regulated person shall give the Commission
such further information, explanations and assistance in relation to the
records, accounts and reports as the Commission may require.
202. The liquidation of a company under this Division commences at the time at
which a voluntary liquidator is appointed under section 199 and continues
until it is terminated in accordance with section 207A or section 208 and
throughout this period, the company is referred to as being in voluntary
liquidation.
203. (1) A voluntary liquidator may not be appointed under section 199 by the
directors or the members of a company if
(a) an administrator or liquidator of the company has been
appointed under the Insolvency Act;
(b) an application has been made to the Court to appoint an
administrator or a liquidator of the company under the
Insolvency Act and the application has not been dismissed;
AE/ET/Pub./bg/03.2007