When it comes to closing down your business, should you just leave your company there?
Does it mean you don’t have to do anything if your company has no revenue, no operations, no staffs, and not doing any business?
If you decided to stop business, it is advisable to wind-up the company in a proper way. According to the Companies Act, a Company is in perpetual existence until it is fully closed (wound-up), or de-registered from the SSM.
Until then, the Company is still required to meet the necessary regulatory compliance, not forgetting the costs of compliance and the penalty for non-compliance.
There are ways to close (wind-up) a company. The options available depends on the state of the company.
Stay tuned for our next series on Ways to Wind Up a Company.
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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