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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.
- What’s The Difference Between Winding Up and Striking Off A Company?
- Methods of Winding Up A Company in Singapore
- Alternative Reasons For Winding Up A Company Through Court Process
- Procedure to Wind Up A Company Through Court Process
- The Winding Up Process
- What Happens After A Company Has Been Wound Up?
Winding up should not be confused with striking off. While striking off is another way of closing a company, it is suited for companies that are not actively in business and do not have any assets or liabilities. If your company is insolvent, it can only be wound up and not struck off.
A company can be wound up while it is still solvent, or after it has become insolvent. Solvent companies can voluntarily apply to be wound up through a “members’ voluntary winding up”. On the other hand, there are 2 ways in which insolvent companies can be wound up: 1. Voluntarily applying to be wound up through a “creditors’ voluntary winding up“;...
Insolvency is not the only reason why a company may have to be wound up through court process. The court may order the winding up of the company in certain situations, such as where the: 1. Company has no members; 2. Company does not commence business within a year of its incorporation, or suspends its business for a whole year; 3. Directors have a...
In order to obtain a court order to wind up a company, you need to file Form CIR-12together with a supporting affidavit. This winding up application must be served on the company’s members, officers and employees, the Official Receiver and any licensed insolvency practitioner who has been nominated to be the company’s liquidator if the company wind...
A winding up process normally involves the company ceasing its operations, paying its debts to creditors, and realising its assets before final payments are made to the members of the company. When closing its business, companies should take steps such as: 1. Properly retrenching its employees; 2. Terminating any contracts that it may have with bus...
Once the company has been wound up, the liquidator is required to draw up an account of showing how the winding up of the company has been conducted, and how the property of the company has been disposed of. The liquidator is also additionally required, in the distribution of assets of the company, to have regard to any directions given by resoluti...
This online guide provides an overview of the options available for liquidating a Singapore company including company wind-up & strike off. A company may be closed voluntarily by its owners or by an Order of the Court (under certain circumstances).
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.
With a Singapore company liquidation or winding up, a company will cease to exist. While the result is the same, liquidation and striking off are two different processes. What is a Strike Off? Private companies can apply for a strike off with the Singapore Company Registrar.
Ways to close a company including winding up and 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.
