Beginning July 1, 2010, annual registration payments made by a corporation will be applied first to any previously unpaid annual registration fees and/or penalties and then to currently assessed fees. This change is a result of an amendment to the Code of Virginia. Prior to the amendment, registration fee payments were applied first to currently assessed fees and then to unpaid penalties.
As a result, a termination of corporate existence may occur notwithstanding a Virginia corporation’s payment of current registration fees. See the Virginia State Corporation Commission’s website for more details.