Liquidation is the process by which a company (or part of a company) is brought to an end, and the assets and property of the company redistributed.
A company may be closed voluntarily by its owners or by order of the Court. Companies can be liquidated either by “striking off” or “winding Up”.
Striking off refers to the company being struck off from the register of the Company Registrar. This is, however more suitable for small or dormant companies that are able to meet the specific requirements.
Winding up refers to a more formal company liquidation procedure which involves the orderly winding-up of the company affairs, the appointment of liquidator to manage the process of realizing the company assets, ceasing or sale of its operations, payments of its debts and distribution of surplus assets among its members.
The procedures involved in closing a company can be a fairly complex and time consuming and the management must ensure that they comply with all the necessary legal and statutory requirements. If you need to close a company, our licensed and experienced liquidators will asses your situation and recommend the best course of action while assisting you throughout the liquidation process.