AMS Law Update

AMS Law Successful In Restoring Bearer Share Company

AMS Law successfully represented the applicant in the first case heard in the BVI Commercial Court following the decisions of the Court of Appeal of the Eastern Caribbean Supreme Court in Wembley and Sutton (BVIHCVAP2016/0009&10) seeking the restoration of a disabled bearer share company. Under the terms of the order obtained by AMS Law the company was restored to the Register and the director was able to redeem the bearer shares and cause registered shares to be issued. The decision in Wembley and Sutton itself paves the way for applications to be brought for the restoration of grandfathered bearer share companies that do not have directors. This decision creates a strong expectation that a receiver would be appointed jointly by the applicant and The Registrar of Companies to consider exercising the power of redemption in favour of the bearer shareholder. If you would like to discuss the Court of Appeal decision or how to make a court application to restore a company to the Register of Companies please feel free to send us an email enquiry.

Deadlines Looming: Companies Struck Off for Non-Payment of Government Licence Fees

Not all BVI companies struck off the Register of Companies for non payment of Government Licence Fees need to go to court to be restored; it’s all a question of timing. Second half companies (those incorporated between 1 July – 31 December) struck off the Register on 30 April 2012 have until 30 April 2019 to pay outstanding fees and provide KYC or e-KYC to the registered agent to be administratively restored without having to apply to the High Court to be restored. First half companies (those incorporated between 1 January – 30 June) struck off on 31 October 2012 can be restored administratively until 31 October 2019. FINAL CHANCE: For companies which have missed the chance to be restored administratively and need to apply to the High Court, there is a final deadline looming: second half companies struck off on 31 October 1999 and dissolved on 31 October 2009 will not be able to apply to be restored under BVI legislation after 30 April 2019.

AMS Law – Notary Services

AMS Law, in addition to the full suite of legal services offered, now provides Notary Services. Philippa O’Sullivan, resident BVI partner, was sworn in on 15 February 2019 as a Notary Public and Commissioner for Oaths by the Deputy Registrar of the Court.

Contact

For more information on AMS Law and the services we offer please contact:

Barry Mitchell – barry.mitchell@amslaw.com
David Payne – david.payne@amslaw.com
Philippa O’Sullivan – philippa.osullivan@amslaw.com
Daian Summer – daian.summer@amslaw.com

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