There are , are 3 methods in which close a company can be closed down:-
Strike Off
Members Voluntary Winding Up
Creditors Liquidation
Striking off falls under Section 308 of the Companies Act 1965.
The Companies Commission of Malaysia guidelines and procedures are as follows namely, the company:-
o Must be dormant at the point of application.
o All bank accounts have to be closed.
o Has no assets or liabilities and free from encumbrances including no penalties and compounds under the Companies Act 1967, no outstanding tax or other liabilities with any government department or agency and not involved in any legal proceedings within or outside Malaysia.
o Is not a holding company of another corporate body.
The Advantages of Striking Off are; Costs, SSM striking off fees are lower, RM120 per application, the time period quicker, all the documentation required is the Applicant’s Statement, Members’ Resolution and Latest audited accounts
Striking Out is at the discretion of the SSM.
