Members’ Voluntary Winding-up

A Company that decided to close down its business can remove its name from the register by an approach named members’ voluntary winding-up.

The majority of the directors shall at the meeting of directors formed the opinion that the Company will be able to pay its debts in full within a period not exceeding twelve months after the commencement of winding up. The directors shall then lodge the declaration of solvency with SSM. Shareholders of the Company have to pass a resolution to wind up the Company.

A liquidator need to be appointed by the shareholders when a Company goes into winding-up. The duty of a liquidator including convert any remaining assets or property of the company into cash to repay as many creditors as possible, distribute the excess to the shareholders and etc.

The winding-up process is complex but rest assured as we could assist you with the step-by-step procedures until the Company dissolve successfully.