P414 ‘Allowing a Party to Withdraw from the BSC and transfer outstanding liabilities to another Party’
Formal title: Allowing a Party to Withdraw from the BSC and transfer outstanding liabilities to another Party
The requirement for a Party to wait at least 14 months between its last day of trading and being able to withdraw from the Code is inefficient as it can prevent the withdrawing party undertaking administrative tasks, such as dissolving the legal entity.
This Modification seeks to improve the BSC exit arrangements. It will allow a BSC Party to withdraw from the Code as soon as practicable after serving a notice of withdrawal provided that all liabilities under the Code are satisfied or transferred to another BSC Party through a transfer of its BSC party ID to that legal entity.
Listen to our podcast about improving the BSC exit arrangements.
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