Company liquidation

Company Deregistration & Liquidation ServicesDeregistration
Deregistration is a straightforward method for dissolving a company, where the appointment of a liquidator is not required.

Criteria for Deregistration:

• The company has not started any business operations or conducted any activities in the three months immediately preceding the application for deregistration.
• The company has no outstanding obligations, such as taxes, government fees, or accounts payable to creditors.
• The company is not involved in any legal proceedings.

Time Frame:
Once approved by the shareholders, the deregistration process typically takes 4-6 months to complete.

Voluntary Liquidation
Voluntary liquidation is a more complex process that requires the appointment of a liquidator. During this process, the company’s assets will be sold (converted into cash) to pay off its debts.

Criteria for Voluntary Liquidation:

• A special resolution must be passed at the Shareholders' Meeting with at least 75% approval in favor of liquidation.
• The company must be able to repay its debts in full within 12 months from the start of liquidation.
• Shareholders appoint a liquidator to oversee the liquidation process.

Time Frame:
From shareholder approval, the entire liquidation process typically takes 9-12 months.

Record Keeping:
The company’s directors must retain the company’s books and records for a minimum of five years after the liquidation.

Dormant Company Status
If you’re not ready to close your company but it is not generating any revenue, we can help you save costs by applying for dormant status. A dormant company remains registered but requires minimal maintenance. You have the option to reactivate or fully dissolve it in the future when needed.