Strike off vs winding up
Should we strike off or wind up?
The situation
Striking off suits companies with no assets or liabilities. Members' voluntary winding up suits solvent companies with assets to distribute.
The law
- Sec 344A, Companies Act 1967: Application to the Registrar to strike off a company
What it means for you
Winding up needs a licensed insolvency practitioner as liquidator and costs more, but it deals properly with assets and creditors. Striking off is cheaper but is only available when strict conditions are met. Choose based on what the company still owns and owes.
What to do
- Check assets.
- Choose route.
- Engage liquidator if needed.
- Proceed.
We can do this for youStriking off a Singapore company: SGD 800