than equity, whether it is by way of intra-group debt or external borrowing. Companies are not required to file financing statements in the British Virgin Islands when borrowing money. Where a creditor takes security from a company for the indebtedness, that security can be registered against the company in the register of registered charges maintained by the Registrar of Companies. The process is relatively quick and cheap; it can be done online, and the filing fee is US$100. Once registered, the security will take priority over all subsequently registered security and any unregistered security. Registration of a security interest will also constitute constructive notice of the security interest. British Virgin Islands companies may give financial assistance for the acquisition of their own shares without the requirement of going through a "whitewash" procedure. Reorganisation and restructuring There are a number of statutory provisions whereby companies registered in the British Virgin Islands may reorganise themselves, either pursuant to a general group reorganisation, or as part of a debt restructuring, or in order to complete an M&A transaction. Mergers and consolidation. Two or more companies can either merge or consolidate by statute into a single successor company, and the successor company will succeed to the assets of all of the constituent companies and be subject to all of the liabilities and obligations of the constituent companies. In a merger, the successor company is one of the original companies which merged. In a consolidation all of the constituent companies are merged into one new company which did not exist prior to the consolidation. After the merger or consolidation is completed the non-surviving companies are struck-off and cease to exist. Continuation. Although not so much a reorganisational process in its own right, companies registered in the British Virgin Islands are able to redomicile to (or, in the words of the statute, "continue their existence under the laws of") any other jurisdiction which permits companies to change their jurisdiction of registration. Similarly, companies are entitled to migrate to the British Virgin Islands from other jurisdictions where those other jurisdictions permit this. Schemes of arrangement. Companies may enter into a scheme of arrangement whereby the court sanctions a compromise or arrangement which is entered into by the members or creditors of a company. The scheme must be approved by a majority in number and 75% in value. Where the scheme members or scheme creditors have different interests,