Voluntary Winding Up by Members

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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