BRITISH VIRGIN ISLANDS - Mossack Fonseca & Co.

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55. Part IX of the International Business Companies Act shall continue to apply
to the winding up and dissolution of an IBC after the repeal of that Act if,
prior to the re- registration date
(a) articles of dissolution are registered by the Registrar pursuant to
section 94(4) of the International Business Companies Act; and
(b) either the company has not been dissolved under section 94(6) of
that Act or the articles of dissolution have not been rescinded under
section 95 of that Act.
56. (1) A CapCo that is struck off the CapCo Register under section 240 of the
Companies Act and that remains struck off continuously for a period of ten
years following the date of its strike off, is deemed to be dissolved with
effect from the later of
(a) the re-registration date; or
(b) the last day of that period.
(2) Section 240(1) of the Companies Act has effect for the year 2007
subject to the modification that “31 st December” is deleted and “28 th
December is substituted” 53
(3) An IBC that is struck off the IBC register under section 99 of the
International Business Companies Act, prior to the re-registration date,
but that is not deemed to be dissolved prior to the re-registration date,
if it remains struck off continuously for a period of ten years, shall be
deemed to be dissolved with effect from the last day of that period.
(4) Where this paragraph applies to a CapCo or an IBC, it applies in place
of section 216.
57. (1) Application may be made to the Court for an order declaring the
dissolution of a CapCo or an IBC to which subparagraph (2) applies to be
void.
(2) This paragraph applies, in place of section 218, where
(a) in the case of a CapCo
51 “Cap. 291” should be inserted in the margin.
52 “Cap. 285” should appear in the margin.
53 “ ” ” should be inserted after the word “December” and not after the word “substituted”.
54 “Cap. 291” should appear in the margin.
AE/ET/Pub./bg/03.2007
Winding up of IBC
commenced
before reregistration
date.
51
Dissolution of
former Act
companies.
52
54
Order declaring
dissolution of
former Act
company void.