Procedure liquidating a company 100datingsites info

An insolvent company is a company that cannot pay its debts as they fall due.

A creditor may go to court and apply for a judgement to be registered against the company in relation to the debt.

The entire striking off process takes about 5-6 months.

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.

The proceedings so collected shall be utilised to pay off the creditors in equal proportion.

Thereafter any money or property left may be distributed among members according to their rights and interests in the company.

However, if official liquidator comes to a finding, that affairs have been carried in a manner prejudicial to intent of members or public, and then court may direct the liquidator to investigate further.

Once the company is fully wound up, and assets of the company sold or distributed, the proceedings collected are utilised to pay off the liabilities.However, if official liquidator comes to a finding, that affair have been carried in a manner prejudicial to interest of member or public, then court may direct the liquidator to investigate furthers.Where the resolution for winding up has been passed, but the Board of Directors are not in a position to give a declaration on the liability of company, they may call a meeting of creditors, for the purpose of winding up.The date that the company is struck off will also be stated in the final notification.Any person who wishes to object to the striking-off can do so during this period.Winding up and striking off both result in a company ceasing to exist.

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