Court Winding-Up (Compulsory Winding-Up) is common when a company is not able to pay its debts.
It usually starts with a Notice of Demand served on the company by the creditor demanding the company to settle its outstanding debt
Application will be made to court (winding-up petition) if the company fails to settle the debts as per Notice of Demand.
If winding-up order is granted, a Liquidator will be appointed to administer the winding-up of the company.
The following are, amongst others, the grounds for Court Winding Up:
 Disputes, breakdown of trust amongst shareholders which cannot be resolved amicably
 Directors committing fraud or carrying out the business in the manner unfair, unjust and/or not in accordance to members’ interest
 Company is being used for unlawful business activities
 Company not able to continue business due to its license being revoked by the relevant authorities
How can Bizboard help?
As a team of professional accountants, Bizboard work and liaise with various professionals such as legal advisors, financial institutions, government authorities and other related professionals to achieve the best possible solution and highest recovery for all stakeholders throughout the insolvency or restructuring process.
Bizboard act as independent adviser to ensure the process is conducted in proper order and in accordance to the relevant laws and regulations. Our highly qualified team have worked throughout various cases in different industries and have an extensive knowledge of business and the impact on stakeholders when a company faces financial distress.
Talk to us to know more.
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