Strike-Off
There is currently no process under the BCA for a company to apply to be struck-off the Register of Companies in the BVI. In practice, companies often do not wish to bear the cost involved in a voluntary liquidation and opt to simply allow the company to be struck-off for non-payment of fees. A company will be struck-off the Register of Companies for non-payment of its annual licence fee, six months following the date on which the licence fee was due. After a period of 10 years the company will be automatically dissolved. At any time before its dissolution, the company may make an application to the Registrar to be restored to the Register of Companies, after payment of all outstanding registry fees and penalties. However, the striking-off of a company from the Register of Companies does not terminate a director's duties to the company. Section 116 of the BCA provides that a director who vacates the office of director will remain liable under any provisions of the BCA that impose liability on a director in respect of any acts or omissions or decisions made whilst he was a director.
The Amendment Act proposes to reduce the period between strike-off and dissolution from 10 years down to seven years. This will be advantageous to directors of companies that have opted to be struck-off for non-payment of fees, as it reduces the period for potential liability.