The office of the Registrar of Corporate Affairs (the “Registrar”) in the British Virgin Islands (the “BVI”) has responsibility for the incorporation, striking-off and restoration of struck off companies to the register of companies (the “Register”).
ADMINISTRATIVE STRIKE OFF OF A BRITISH VIRGIN ISLANDS COMPANY
The Registrar may strike a company off the Register on a number of different grounds, including:
The office of the Registrar of Corporate Affairs (the “Registrar”) in the British Virgin Islands (the “BVI”) has responsibility for the incorporation, striking off and restoration of companies to the Register of Companies (the “Register”). There are two restoration processes in the BVI;
Carey Olsen's Dispute Resolution Group has successfully secured orders on two separate applications under Guernsey's Protection of Investors and Company Law legislation to place two regulated entities into administration and one company into compulsory liquidation.
The Managing Partner of the firm’s Guernsey office, Advocate John Greenfield, and Senior Associate, Tim Bamford, acted for the Guernsey Financial Services Commission (the "Commission") on both applications.
Our Restructuring and Insolvency team has had further significant success, recently securing the discharge of an administration order over a Guernsey Protected Cell Company to facilitate its voluntary winding up. The team, led by Guernsey based counsel David Jones and including associate Luke Sayer, acted for local insolvency practitioners Tim Le Cornu and Andrea Harris of KRyS Global.
To our knowledge this is the first time that the Royal Court of Guernsey has ordered that an administration order in Guernsey be discharged so as to facilitate a voluntary winding up.
Conversion law of “Decreto Sofferenze” (D.L. 59/2016)
On 3 July, 2016, Law Decree no. 59 of 3 May 2016 was converted into Law no. 119 of 30 June 2016, through various amendments.
Legge di conversione del “decreto sofferenze” (D.L. 59/2016)
In data 3 luglio 2016 è entrata in vigore la legge 30 giugno 2016 n. 119, di conversione del decreto legge n. 59 del 3 maggio 2016, al quale sono state apportate alcune rilevanti modifiche.
Law Decree no. 59 of 3 May 2016, which is already in force although it will require formal conversion into Law within 60 days in order not to lose its validity.
Among the provisions of the Law Decree, of particular relevance is the introduction of a new type of floating charge, namely “non-possessory pledge”, provided for by art. 1 of the Law Decree.
- Novità nel processo esecutivo introdotte con il DL 59/2016
E’ entrato in vigore il 4 maggio 2016 il DL 59/2016 “Disposizioni urgenti in materia di procedure esecutive e concorsuali, nonché a favore degli investitori in banche in liquidazione”. Tale decreto ha introdotto una serie di modifiche volte a facilitare e velocizzare il recupero dei crediti.
On May 4th, 2016, Law Decree no. 59/2016 entered into force with the name “Urgent provisions regarding enforcement and bankruptcy proceedings, as well as measures in favor of the investors of banks in liquidation”. Such decree introduced a variety of modifications aimed at facilitating and speeding up the debt recovery.
The two aspects with the higher impact concern the provisions regarding the seizure and the ones about the immediate enforceability of the orders of payment.
Il decreto legge n. 59 del 3 maggio 2016, pubblicato in pari data in Gazzetta Ufficiale Serie Generale n. 102, entra in vigore in data odierna, 4 maggio 2016, pur richiedendo formale conversione in legge entro 60 giorni, pena la perdita di efficacia.