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Restoration and liquidation as a “single composite judicial act” - No registered agents required
For a creditor to place a dissolved BVI company into insolvent liquidation, the creditor must first restore the company. Good news to all creditors – AS PNB Banka (in liquidation) v Registrar of Corporate Affairs now confirms that the appointment of a registered agent is not required as a precondition to restoration where the creditor seeks restoration solely for the purpose of placing a dissolved company immediately into insolvent liquidation.
Pursuant to section 91 of the BVI Business Companies Act, Revised Edition 2020 (BCA), a company shall at all times have a registered agent, except if…
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