Voluntary Winding Up by Members

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Voluntary Winding Up by Members

The process of members voluntary winding up :

Director(s) make declaration of solvency.
Declaration of solvency & statement of affairs must lodged with SSM registrar 5 weeks before members’ meeting.
Notice to members for meeting.
Vote for resolution and appoint liquidator during the meeting.
Liquidator manages all affairs and distribute the assets of the company after the meeting.
Pay off the debts within 12 months after resolution passed by members.
If cannot pay off debts within 12 months, liquidator shall call for meeting with creditors 3 months or less before expiration of 12 months.
During the meeting with creditors, the creditors may appoint liquidator for the company, in which it is converted to voluntary winding up by creditors.

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