What is winding-up?
Winding-up of a company means to dissolve a company through legal procedures. Modes of winding up include voluntary winding-up and compulsory winding-up. Both types of companies winding-up require an appointment of a liquidator. The liquidator will collect the company’s assets, investigate its affairs and deal with claims by and against the company. Ultimately the liquidator will distribute the assets in a prescribed manner amongst the company’s creditors in accordance with their rights.
Why winding up and who may present a winding-up petition?
1. Compulsory winding-up
- If you are a creditor of the company, and you wish to force the company to repay its debts;
- If you are an unpaid employee of the company, and you wish to force the company to repay your outstanding wages or make a claim to the Protection of Wages on Insolvency Fund (PWIF);
- If you are a minority shareholder of the company and is of the view that your interest in the company is unfairly prejudiced by other shareholders; and
- When there is management deadlock which makes your company unable to continue its operation.
2. Compulsory winding-up
- If you are a shareholder or director of a company that is insolvent and unable to continue with its operation, you may want to dissolve the company in a legal and organized manner so that you can account to your creditors.
Our services include:
We provide you with detailed case analysis and legal advice on the winding-up procedures, assist you in making application to the court to wind-up the company and deal with the related legal procedures on your behalf.
We will handle the whole winding-up process on your behalf which includes: making the necessary applications to the court, answering your creditors’ enquiries and appointing liquidator.