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The process of closing down a company is referred to as “liquidation” in common terms.Companies can be liquidated either by “De-registration” or “Winding Up“.Immediately following the issue by the Registrar of a certificate of dissolution, the person who, immediately prior to the dissolution, was the voluntary liquidator of the company shall cause to be published in the Where the company to be liquidated is a regulated entity under BVI law, the prior approval of the Financial Services Commission must be obtained.

Following approval by the directors, the Plan must be authorised by a resolution of members.

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.

In such cases, the BVI court has indicated that the restoration will only be granted where matters that should have been dealt with as part of the liquidation have been overlooked (assets remaining) or have subsequently arisen unexpectedly.

To initiate such a winding up, a directors’ meeting must first be convened where majority of the directors must make a statutory Declaration of Solvency.

The Declaration of Solvency must also contain the statement of assets and liabilities, based on the most recent financial statements of the company.

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New sanctions that Arab countries could impose on Qatar might include a boycott of large foreign companies that cooperate with Qatar and have large investments in Saudi Arabia, the United Arab Emirates, Bahrain or Egypt, as well as countries supporting the anti-Qatar sanctions.