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Also, it cannot be struck off if it is involved in insolvency proceedings or a compromise or arrangement with that company’s members and/or creditors (examples may include Schemes of Arrangement).
Liquidation is a more formal procedure that involves the orderly winding up of the company affairs, the appointment of a liquidator to manage the process of realizing the company assets, ceasing of its operations or its sale, the payment of any of its debts and distribution of any surplus assets among its members.
The liquidator must, within 7 days after the meeting, lodge with ACRA and the Official Receiver, a return stating that the meeting has been held and attaching a copy of the account.
On the expiration of 3 months after the lodging of the form with the Registrar, the company will be dissolved.
A Special Resolution passed at the EGM, on approving the winding up by a majority of not less than 75% of the votes of the members entitled to vote needs to be passed, then a liquidator must be appointed (being one or more natural persons who have given their prior written consent, in practice usually an accountant).
A second Special Resolution is then to be passed, empowering the liquidator(s) to divide any and all of the properties and assets of the company among the members (eg. This Special Resolution is then to be filed with ACRA within 7 days after its passing, and within 10 days, notice of that Resolution has to be published in one or more newspapers in Singapore.
A creditor may thus commence legal action against the company by making an application to court, backed by proof of debt, for a judgment against the company in relation to that creditor’s debt.
Following which, that creditor may apply to the Court to have the company wound up if the company is unwilling or unable to repay or settle the debt.
Thereafter, the filing of the company’s accounts, the company’s income tax clearance, and the determining of returns (if any) to the company’s shareholders after paying off all the company’s liabilities and debts is attended to.Subsequently, if after assessing the documentation and doing its own investigations, ACRA is satisfied that the company fully meets the criteria for striking off, a “striking off notice” will be sent to the company at its registered office address, to the company’s officers (directors and company secretary) at their residential addresses, and to the Singapore governmental authorities.After 4 months from that gazette, a final notification that the company has been struck off the Register will be published, along with the date that the company is struck off.Further, from this point on the company must ensure that all documents that it or its officers issues (containing the company’s name) must be followed by the words “in liquidation” after its name, and all company books and records to be handed over to the liquidator.The liquidator will then proceed to settle all the affairs of the company and file the necessary notifications required under the Companies Act.
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In general, striking off is an easier, faster and less costly procedure, however it is only suitable for small or dormant companies that are able to meet the specific requirements and especially if it was incorporated under 18 months and if it is before the date that its AGM is due.