Process of liquidating a company

A certified copy of the minutes of the meeting must be attached to a liquidation application and sent to Bolagsverket.

The minutes must state the date of the start of the liquidation process.

The shareholders may choose to start the process at once, at the date of the general meeting, or at the latest the last day of the financial year-end.

It takes at least seven months before a liquidation process has been completed.We will strike off the company when the liquidator has submitted an application for completion with a final report on the liquidation process.Certain individuals are disqualified from acting as a voluntary liquidator and these include, among others, an individual who has acted as a director or acted in a senior management role or has so acted in the 2 previous years.Where the Registrar issues a certificate of dissolution, the dissolution of the company is effective from the date of the issue of the certificate.Company Bureau offers assistance in the liquidation process in the following categories:• Creditors Voluntary Liquidation• Members Voluntary Liquidation• Compulsory (Court) Liquidation A creditors voluntary liquidation (CVL) is where an insolvent company voluntarily decides to go into liquidation.

Company Bureau can assist you by advising on your statutory responsibilities and assist in the procedures necessary for the company to be placed in liquidation.Once the process has been completed the company will be struck off the company register and cease to exist.The decision to put a limited company into liquidation must be taken by the shareholders at a general meeting.The limited company is liable to pay the liquidator’s fee, which can be quite substantial, and the shareholders may therefore suggest a liquidator.We decide if the suggested person is appropriate for the role or not.Where a company has been dissolved an application can be made to the British Virgin Islands court within 10 years of the dissolution to declare the dissolution void and restore the company to the Register.