We are ACRA Approved Liquidators
Our professionals provide guidance to directors, management and shareholders. We are experienced and qualified to accept engagements such as:
- Members Voluntary Liquidation
- Creditors Voluntary Liquidation
- Court Liquidation
Let Us Guide You Through the Liquidation Process
Facing mounting debts can be a painful and costly affair, and we have encountered many clients who face seemingly insurmountable liabilities.
A quick call or email to us is all it takes to get the process started. Our dedicated consultants will do our utmost to have a brief but good understanding of your situation and will advise accordingly.
Need help from a licensed insolvency practitioner? Or learn how to close Singapore company? All discussions will be kept private.
~ No-Obligations First Consultation with Acres Advisory ~
Contact Us Now:
via email at contactus@acresadvisory.com,
Hotline @ +65 6535 0146,
or just fill in our contact us form.
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More Information on Closing a Singapore Company
Directors and shareholders approach our professionals for guidance when they have intention to close down their companies. Set out below are 4 ways to close a company:
Striking off is one of the most common (and economical) way to close a solvent company, where all creditors can be repaid. However, to qualify for a strike off application, the following requirements must be met:
· Company has ceased operations or has never been in business since incorporation;
· Majority shareholders (75%) agree to strike off the company;
· All directors agree to the strike off;
· Company must settle all its liabilities (present and future) prior to the strike off;
· Company must have cleared its tax affairs; and
· Company is not involved in a lawsuit.
The strike off application can be submitted online by the company’s director, company secretary or a registered filing agent.
Our professional fees to assist a strike off of the company is S$800 (inclusive of disbursements).
For solvent companies which cannot qualify for strike off, the directors and shareholders may wish to consider MVL to close a solvent company. For MVL, the following requirements must be met:
· Majority shareholders (75% or more) agree to wind up the company; and
· Majority directors must form the opinion and declare that the company will be able to settle all its liabilities within 12 months of commencing the MVL.
A liquidator will be appointed to look into the affairs of the company and the scope of work will include:
· drafting, preparation and filing of resolutions and documents (such as declaration of solvency);
· submission of accounts to ACRA and Comptroller of Income Tax;
· taking over of the bank accounts and administration of the funds;
· distribution of surplus assets to shareholders; and
· arrangement of final meeting.
Our professional fees to act as liquidator for the scope of work set out above is S$8,000 (excluding disbursements). In the event that the liquidator is required to realize assets, adjudicate debts, distribute payments and address complex matters not made known to us prior to the assignment, additional fees will be charged.
Disbursements are payable in addition to the professional fees outlined above and may include advertisements, lodgment fees, commissioning expenses, printing and photocopying. Disbursements is estimated to be in the region of S$3,000.
Directors and shareholders may consider to close down an insolvent company by way of a CVL. There is a common misconception that a CVL is initiated by creditors but a CVL is a company initiated winding up process, which requires the approval of the shareholders.
In a CVL, the company would convene an extraordinary general meeting to place the company under CVL and appoint a liquidator. On the same day, a creditors’ meeting would be convened to explain the circumstances leading to the winding up of the firm, to table a statement of affairs, to affirm the appointment of the liquidator.
For CVL, the following requirement must be met:
· Majority shareholders (75% or more) agree to wind up the company;
Our professional fees to act as liquidator for the scope of work set out above is S$12,000 (excluding disbursements). In the event that the liquidator is required to realize assets, adjudicate debts, distribute payments and address complex matters not made known to us prior to the assignment, additional fees will be charged.
Disbursements are payable in addition to the professional fees outlined above and may include advertisements, lodgment fees, commissioning expenses, printing and photocopying. Disbursements is estimated to be in the region of S$8,000.
A company may be wound up under a court order if the company is unable to pay its debts, or if the court is of view that it is just and equitable to wind up the company. The winding up application can be presented by parties including the company itself, the directors, the shareholders, creditors or relevant stakeholders.
We are approved liquidators and we can be appointed as liquidators for Court Liquidation. Most of our CL assignments involve investigations into the companies’ affairs and we look into potential breaches by the directors and management.
