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We are registered Liquidators and Receivers and may be appointed accordingly by shareholders or lenders as such. Prior to such appointment, we provide advice on the feasibility of continuing with businesses in difficulty, corporate reorganization including negotiation for sale of businesses.
We have experience in handling all modes of liquidation namely :-
Compulsory Winding Up
Under Section 253 of the Companies Act, Cap.50, the company itself, creditors, contributories, liquidator, judicial manager or the Minister may present a petition to the High Court for the winding up of the company. The grounds to support a petition for compulsory winding up are found in Section 254. Compulsory winding up commences at the date of the presentation of petition{Section 255(2) }
Creditors’ Voluntary Liquidation
If the company is unable to meet its liabilities, the company may convene a meeting of its creditors for the purpose set out in Section 296, 297 & 298 of the Companies Act. If a winding up Special Resolution is passed in the favour of the Creditors Voluntary Winding Up, the company will shall nominate a liquidator.
Members Voluntary Liquidation
The members of the company may convene an EGM and pass Special/ Ordinary Resolution that the company should be wound up pursuant to Section 290 (1) (b) and appointment of liquidator to conduct the winding up and fixed his remuneration. This mode of winding up is applicable where the company is able to pay its debts in full within 12 months after passing of resolution for the winding up. Winding up shall commence at the time of passing of the resolution.
For further enquiry contact K.C. Chan @63247710 |
