Every Fiji-incorporated company must pass an annual solvency resolution (or a different form of resolution if its directors do not consider the company to be solvent on the usual tests) within two months of its financial year-end.
Most Fiji-incorporated companies’ financial years coincide with calendar years. That means their solvency resolutions must be passed no later than 28 February 2021. If your company’s financial year-end is different, you should diary the solvency resolution to be passed not later than two months after that.
The requirement to pass a solvency resolution does not apply to companies that have lodged Annual Reports with the Registrar within the last financial year.
More background on solvency resolutions is set out in our 2019 Solvency Resolution Reminder Alert.
Please contact Glenis Yee, Janice Fong or Jesline Singh at Munro Leys if you have any queries.
Disclaimer
The information and opinions in this Legal Alert are for general information purposes only. They are not intended as specific legal or other professional advice and should not be relied upon or treated as a substitute for specific advice. Munro Leys can accept no responsibility for any loss arising from reliance on the general information contained in this Legal Alert.