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Short news and ideas

BVI: changes in company law


01/12/2012

In accordance with the changes in the law, it will now be possible to re-use names of companies which have been dissolved or struck off, or where the name has been changed. In the case of bearer shares, in the future registered agents which will have to keep records which show not only the name of the possessor of the shares, but also the beneficial owner. The possessor of the shares can not be considered as the owner, as he is merely holding the shares which have been entrusted to him, although he can also practice shareholder rights. There has also been an important change regarding winding-up and liquidation, as a result of which the directors or officers of the company can no longer act as liquidator. The period during which a struck off company can be restored has also been reduced from 10 to 7 years from the date on which the company was struck off, as according to the statistics of the court of registration, restoration usually takes place within the first 7 years.

Related jurisdictions:
British Virgin Islands
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