The process of closing down a company is referred to as “liquidation” in general. Companies can be liquidated either by “De-Registration” or “Winding Up”. The procedure will result in the dissolution of a company. 
 

De-registration is a relatively simple, inexpensive and quick procedure for dissolving defunct private companies who meet certain specific requirements.

Winding up is the process of appointing a liquidator who will settle the accounts, pay off the company’s debts (if any), liquidate the assets of a company and distribute the surplus assets (if any) to members, ensuring that the company is completely dissolved.

 

De-registration of a company

REQUIREMENTS

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• All the members of the company agree to the deregistration

• The company has never commenced business or operation or has ceased operation for more than 3 months immediately before the application

• The company has no outstanding liabilities

• The company must obtain a written notice of no objection from the Commissioner of Inland Revenue

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Measures to be taken before submitting Deregistration

Close all bank accounts 
(all cash or cash equivalents will be transferred to the government treasury after successful deregistration)

• Clear all Liabilities (to all business partners)

• No properties in the name of the deregistering company

• Dispose of all assets which are  the companies name