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Corporate & Commercial
Bearer shares in BVI corporations incorporated prior to 1st January 2005 will be "disabled" after 31st December 2009.
This has potentially serious implications for the holders of any bearer shares in BVI corporations and anyone that intends to acquire shares in a BVI corporation which was incorporated prior to 1st January 2005.
Normally, if a director dies, then the surviving directors run the company. But what happens if the company is operated by a sole director?
Many SMEs are run by a sole director, who is also the sole shareholder. When the sole director/shareholder dies, not only does the family have to deal with the emotion and stress of the death, but also the complications of having to try to run a business where no one has authority to take charge.
The most important asset of any business is confidential and proprietary information.
This can include client and customer databases, marketing strategies, modeling tools, trade secrets and anything else that gives an organisation a competitive edge over its rivals. It is also one of the most difficult assets to protect.
Employees, and in particular, senior employees and directors, often pose the greatest risk to the business they work for as they are privy to confidential and sensitive information from the very outset of their employment. Whether an employee has long service or is a recent newcomer, the employer is always at risk that an employee may defect and use the confidential or proprietary information to gain a competitive advantage. This can include working in competition, poaching clients and/or soliciting key members of staff.