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Liquidation is a process where the company’s assets are seized and realised, with the resulting proceeds used to pay off its debts and liabilities. The information below, unless otherwise stated, is largely applicable to the liquidation of a limited liability partnership.
Companies under Liquidation. Companies that have commenced liquidation are required to fulfil certain tax obligations before the completion of the liquidation process.
Liquidation, also known as winding up, involves the orderly closure of a company’s affairs by realizing its assets, settling liabilities, and distributing any remaining funds to shareholders. It is a formal procedure governed by the Singapore Companies Act and can be either voluntary or compulsory. Here’s what you need to know:
A company may apply to ACRA to strike off its name from the Register. ACRA may approve the application if there is reasonable cause to believe that the company is not carrying on business, and the company is able to satisfy the criteria for striking off.
Liquidation, the process of dissolving a company, marks the end of a business’s journey. It involves the cessation of operations, the selling of assets, and the distribution of proceeds to creditors and shareholders. This procedure is critical in maintaining a healthy business ecosystem in Singapore.
Winding up (or liquidation) is the process by which a company’s assets are collected and sold to pay off its debts. Any monies remaining after all debts, expenses and costs have been paid off are distributed amongst the company's shareholders.
Company Liquidation firm in Singapore, Tan, Chan & Partners has experience in handling all modes of company liquidation. Liquidation is a process by which a company's existence is brought to an end.
