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Special Belize Provisions Relating to Dissolution

E. Special Provisions Relating to Dissolution

(1.) Directors’ Liability

Any manager, director, member, promoter, or liquidator who through improper conduct may be compelled to repay the funds received with interest to the company or its creditors. Any director who is found to have defrauded the company or damaged or destroyed the books of accounts of the company will be guilty of a misdemeanor and subject to imprisonment for any period not greater than two years.[1] The liquidator may prosecute the offenders and attempt to recover any damages payable to the company and its winding-up account.[2]

(2.) Removal of Defunct Companies

The Registrar may inquire into companies that are believed to be defunct sending a registered letter to the company asking if they are still doing business. If the Registrar receives no reply within one month, then the Registrar may send a second letter within fourteen days. If no response is received within another month of the second letter the Registrar may advertise a notice of removing the company from the register within three months if no reply is received by the Registrar indicating that the company is in fact doing business.[3]

(3.) Simplified Procedure for Solvent Companies

There are no provisions within the Companies Act that describe a simplified procedure for solvent companies.

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[1] Id. §§ 206-7.
[2] Id. § 208.
[3] Id. § 220.