Striking off a company means removing its name from the register of companies in Singapore. It is believed to be one of the most cost-effective ways to turn off company operations, but complications may arise if strike off company Singapore process is followed without getting consent from all directors of the company. In the scenario of misunderstanding or disagreement between involved persons, the other directors may go to court to restore the company. You may find many other reasons also to restore a company in Singapore. If you are new to the concept, you can take help from experts to avail company liquidation advice to proceed ahead safely.
After you strike off company Singapore, what happens when you restore it?
When you submit an application to restore a struck-off company in Singapore, the name of that organization is restored in the register maintained by ACRA. After this, the company is believed to hold an active status in Singapore and it can have all normal operations in the market. The court may also provide directions to put all existing persons in their designated positions as they were serving before the company struck off the procedure. Other than this, the directors of the company will not be liable for any financial statements held by the company before the strike-off.
Company Liquidation Advice strike off company Singapore- when restoring a struck-off company is better than starting a new company?
Another common alternative to company restoration can be to start a new company in Singapore. But experts recommend restoring the previous one for so many reasons. First of all, you might be willing to continue operations with the same brand name that you have promoted for years before striking off the company. Also, after restoration, you will be able to utilize the same Unique Entity Number for your organization. At the same time, if the previous company was not having any kind of tax issues or financial disputes, company liquidation advice from experts is to restore the company with minimal negative consequences. If you start a new company, you will not be able to use the assets of the previous company and it may sometime appear more complicated to resume business.
Who is eligible to restore your company and how it works?
There are two ways to restore a company in Singapore: you can either go ahead with administrative restoration or choose court-ordered restoration. In the first case, the application for restoration must be submitted by a former shareholder or director of the company. However, the second case suggests that an application must be submitted to court to receive an order for company restoration. The company directors can avail company liquidation advice from experts to restore business after strike off company Singapore procedure. They can help you to make sure that the restoration application is accepted by the court or ACRA and you can receive a desired range of benefits with ease. Make sure that the company restoration application is submitted within 6 years of receiving struck-off an order from the court.