What is the cost of liquidating a company updating company of heroes

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A Singapore company can be liquidated voluntarily by either its members or creditors.A company may decide to wind up its affairs, voluntarily, if the directors believe that the company will be able to pay its debts, in full, within 12 months after the commencement of the winding up.If they are still unsuccessful in receiving payment, another option is that a creditor may apply to the Court to have a company wound up if that company is insolvent.Companies can be liquidated either by “Striking Off” or “Winding Up“.A court-ordered or compulsory liquidation is taken out of the hands of the company’s directors.

Under Company Law, it is the duty of Directors to wind up an insolvent company.A company may not be struck off if it is the subject, or proposed subject, of insolvency proceedings or a compromise or arrangement with its members or creditors.Winding up is a more formal company liquidation 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 or sale of its operations, payment of its debts (if any) and distribution of surplus assets (if any) among its members.An applicant must be submitted to the Company Registrar.Depending on the complexity of the case and whether the documents submitted are sufficient, ACRA may take about 7 working days to process the application.

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