Liquidating a company in singapore, we thought you might find this interesting:
The total cost of registering and maintaining a company in Singapore First of all, choose a Singapore company formation package: The procedure is the same as outlined above. The final notification for company liquidation will come in about 4 months after the first notice was released.
Winding up a Company There are two paths to winding up a company in Singapore — voluntary winding up and compulsory winding up. If found guilty, that person can also be made personally liable for the whole or part of the debt pursuant to section 2 of the CA.
The Court rejected the reasons put forward by the creditors opposing the winding up as being mere expressions of willingness to give the company time to recover money from certain debtors.
Where a company is temporarily insolvent, the Court might grant an adjournment or an injunction of limited duration to allow the company to resolve its issues. Your company would normally cease upon liquidation.
Once this declaration has been filed with the Registrar, the directors must send to the members, a notice of an Extraordinary General Meeting EGM to be convened for the purpose of passing a Special Resolution to wind up the company, and an Ordinary Resolution appointing the liquidators and approving their remuneration.
He must then call a general meeting of the company for the purpose of presenting and explaining the account to the meeting.
At this point, a majority of the directors will write a declaration of solvency and file it with the Singapore Trade Register. For the purposes of this Act, a corporation is a wholly owned subsidiary of another corporation if none of the members of the first-mentioned corporation is a person other than — a that other corporation; b a nominee of that other corporation; c a subsidiary of that other corporation being a subsidiary none of the members of which is a person other than that other corporation or a nominee of that other corporation; or d a nominee of such subsidiary.