Industry Circular 15 of 2025: Notice Regarding Court Ordered Restoration Process

NOTICE REGARDING COURT ORDERED RESTORATION PROCESS

This notice is to remind all industry participants that applications for court ordered restorations are currently being processed under "General Filing" in VIRRGIN, specifically as 'Restoration by Court Order (existing dissolved companies)'. Please note that this is a temporary measure while the permanent process is being finalised.

Previously, filing of court ordered restorations were only allowed through the General Filing function by an existing registered agent or by a legal practitioner. Effective 7 April 2025, court ordered restorations can be submitted by an existing registered agent, a legal practitioner, or the incoming registered agent. This should be helpful to facilitate the filing of the appointment of the registered agent and the filing of registers of members, directors, and beneficial ownership information after the company is restored.

To ensure clarity, the following detailed process outlines the procedure for court ordered restorations when filed by a registered agent or legal practitioner in General Filing, as managed by the Registry of Corporate Affairs (ROCA):

Key Reminders:

• In cases where the restoration was filed by a legal practitioner, it is essential that notice of the company's restoration is promptly communicated between the legal practitioner and the incoming registered agent to ensure timely compliance.
• It is important to note that with this interim solution, simply submitting a court order restoration application in VIRRGIN is no longer considered the final step in the process. The filing agent or legal practitioner must ensure completion of the additional steps outlined above to finalise the restoration procedure.
• Legal fees must be paid to the BVI Financial Services Commission (the Commission) to allow transactions to be processed.

The Commission appreciates your attention to this update and encourages full compliance with the temporary process. Further notifications will be provided once the permanent process has been finalised and is ready for deployment in VIRRGIN.

Queries related to this Circular should be directed to [email protected].