BRITISH VIRGIN ISLANDS - Mossack Fonseca & Co.
BRITISH VIRGIN ISLANDS - Mossack Fonseca & Co.
BRITISH VIRGIN ISLANDS - Mossack Fonseca & Co.
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Termination of<br />
voluntary<br />
liquidation.<br />
26/2005<br />
12/2006<br />
12/2006<br />
12/2006<br />
12/2006<br />
12/2006<br />
133<br />
undivided interest therein, in equal or unequal proportions.<br />
(2) Notwithstanding subsection (1)(h), a voluntary liquidator shall not, without<br />
the permission of the <strong>Co</strong>urt, carry on the business of a company in<br />
voluntary liquidation for a period of more than two years.<br />
207A. (1) The <strong>Co</strong>urt may, at any time after the appointment of a voluntary<br />
liquidator under section 199, make an order terminating the liquidation if it<br />
is satisfied that it would be just and equitable to do so.<br />
(2) An application for an order under subsection (1) may be made by the<br />
voluntary liquidator or by a director, member or creditor of the<br />
company.<br />
(3) Before making an order under subsection (1), the <strong>Co</strong>urt may require the<br />
voluntary liquidator to file a report with respect to any matters relevant<br />
to the application.<br />
(3A) An application for an order under subsection (1) if made by a person<br />
other than the voluntary liquidator, must be served on the voluntary<br />
liquidator who shall be entitled to be heard on the hearing of the<br />
application.<br />
(4) An order under subsection (1) may be made subject to such terms and<br />
conditions as the <strong>Co</strong>urt considers appropriate and, on making the<br />
order or at any time thereafter, the <strong>Co</strong>urt may give such supplemental<br />
directions or make such other order as it considers fit in connection<br />
with the termination of the liquidation.<br />
(5) Where the <strong>Co</strong>urt makes an order under subsection (1), the company<br />
ceases to be in voluntary liquidation and the voluntary liquidator ceases<br />
to hold office with effect from the date of the order or such later date<br />
as may be specified in the order.<br />
(6) Where the <strong>Co</strong>urt makes an order under subsection (1), the person who<br />
applied for the order shall, within five days of the date of the order<br />
(a) if that person is not the voluntary liquidator, serve a sealed<br />
copy of the order on the voluntary liquidator; and<br />
(b) file a sealed copy of the order.<br />
(7) A person who contravenes subsection (6) commits an offence and is<br />
liable on summary conviction to a fine $1,000.<br />
AE/ET/Pub./bg/03.2007
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