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Overcoming difficulties faced overseas by Liquidators appointed by shareholders’ resolut.....

BVI Court Confirms Liquidators were Duly Appointed by Shareholders Resolution

Following an appointment as liquidators of a BVI Company pursuant to a qualifying shareholders resolution passed pursuant to section 159(2) of the BVI Insolvency Act 2003 we needed to seek recognition of our appointment in Switzerland to take control of bank accounts.  We were advised that the Swiss Courts would be unlikely to recognise our appointment without a Court Order.  Therefore we needed the BVI Court to effectively affirm our appointment as liquidators. 

In an application heard before Judge Wallbank the Court provided us with a court order confirming that individuals from Grant Thornton BVI had been duly appointed as liquidators pursuant to Section 159(2) of the Act.

This issue is not a new one and we are aware that it has impeded investigations into liquidation estates previously, we are not aware however of the BVI Court having previously made such an Order and we welcome this development.