Corporate Secretarial

Strike Off Company

Criteria for eligible to apply to strike off the company pursuant to Section 550 of the Companies Act, 2016

• Company is used for unlawful business
• Company is not in business or operation with NO assets and liabilities; (DORMANT)
• Where company is in winding up & there’s no liquidator acting
• Company fully wound up but liquidator defaults in lodging return
• Company fully wound up by court order but insufficient assets to pay the costs of Court order to dissolve the company

Procedure to Strike Off

• Application to Registrar by director, member or liquidator
• Registrar to serve notice on company showing cause to the contrary why company should not be struck off 30 days to reply
• No reply after 30 days, Registrar will public notice to public to strike off the company
• 30 days after public notification, Registrar will strike off if it is confirmed company is not carrying on business or in operation, or receives no objection from the public or is not satisfied with reasons why company should not be struck off
• Registrar will gazette the name of the company which is struck off

Voluntary winding up (VWU) pursuant to Section 433 of the CA 2016

The voluntarily winding up involves the appointment of a Liquidator and numerous filings to SSM and she will realise the assets, pay the expenses and distribute the fund accordingly to prescribed rule, meetings by the directors and shareholders as well as advertising on the nationwide newspapers.

The whole process may take 9 months to 1½ years to complete (Depends on the complexibility of the exercise).