Eg liquidating co

06-Nov-2019 23:07

Liquidation involves the lodging resolutions with ACRA and Official Receiver and placing an advertisement giving notice of the liquidation of the company and the appointment of liquidators.The main types of liquidation are Members’ Voluntary Liquidation (where the company must be solvent) or a Creditors’ Winding Up (where the company is insolvent.

ACRA may take about 7 working days to process the application, based on the complexity of the case and whether the documentation submitted in support of the application are sufficiently furnished and/or comprehensive to meet the requirements.In general, striking off is an easier, faster and less costly procedure, however it is only suitable for small or dormant companies that are able to meet the specific requirements and especially if it was incorporated under 18 months and if it is before the date that its AGM is due.A company may not be struck off if the company if there are outstanding liabilities especially to the authorities, for instance, if it has taxes owing to the Inland Revenue Authority of Singapore (IRAS). Striking off and Liquidation (also know as winding up) both result in a company ceasing to exist.

However, very different processes are involved in deriving at either and they should not be confused with one another.

To have its name struck off the Register of businesses, a company will need to apply to ACRA.

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