| Subject: Deregesteration vs Winding-UP |
Author:
IC
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Date Posted: 21:30:15 12/07/04 Tue
Deregistration
A simple and cheaper to dissolve a company but certain criteria must be
meet.
1) The company concerned never have commenced business/operation or ceased
to carry on business/operation for more than three month before the
application for deregistration.
2) All members must agree to do so and the company concerned must have no
outstanding liabilities.
3) Notice of no objection from IRD
Winding up
Much complicate and expensive. There are many forms of winding up, namely
members' voluntary winding up (the company itself is solvent), creditors'
voluntary winding up (the company was (declared) solvent but turned out
failure), compulsory winding by court (most common, due to unable to settle
debt that partitioned for winding up to court by the creditor(s), or by FS
due to fraud, e.g.)
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