Common use of Registry Searches Clause in Contracts

Registry Searches. On the basis of our searches of the British Virgin Islands Registry of Corporate Affairs and the British Virgin Islands High Court Registry referred to at paragraphs 2(f)(ii) and (iii) respectively, no currently valid order or resolution for liquidation of the Company and no current notice of appointment of a receiver over the Company or any of its assets appears on the records maintained in respect of the Company at the Registry of Corporate Affairs, but it should be noted that (i) failure to file notice of appointment of a receiver does not invalidate the receivership but merely gives rise to penalties on the part of the receiver, and (ii) a liquidator has 14 days after their appointment within which they must file notice of their appointment at the Registry of Corporate Affairs.