Liquidating a company limited by guarantee hong, related content
They may become dormant, or they may be dissolved by way of deregistration, or members' voluntary liquidation. Generally, all the company's creditors should be paid in full within 12 months of the commencement of the liquidation.
In addition, if the address of the company's registered office has been changed, you should deliver a Form NR1 to report the change; if the addresses of the directors have been changed, you should deliver a Form ND2B to report the changes.
Effects of Compulsory Winding Up Once a winding-up petition is filed in the court, the winding-up of the company shall be deemed to commence. In that case, the court may order that the Registrar reinstate the company's registration if it is satisfied that it is just to do so. If no objection is received at the end of the 3-month period, the company may be deregistered by the publication of another second notice in the Gazette declaring it to have been deregistered on the date of that notice sAA 9 CO.
If not, the liquidation will proceed as a creditors' voluntary winding-up, and a meeting of creditors will be called, to which the directors must report on the company's affairs. Usually, the Gazette Notice under section 1 will be published about 3 weeks after the date of the Companies Registry's approval letter.
Hong Kong Company Liquidation | Business Guide – GuideMeHongKong by Hawksford
Voluntary winding up Voluntary winding up of a Hong Kong company can be initiated either by members shareholders or creditors. If the property of the company is not likely to exceed in value HKD , the provisional liquidator is appointed as the liquidator.
My company has applied for deregistration and I have changed my address. The petition must be prepared in accordance with the Companies Winding Up Rules. Only a limited company can be wound-up. A partnership is a form of business owned by two or more persons partners.
Furthermore, the Winding Up Resolution and the notice of appointment of the liquidator must be published in the Gazette within 14 days s 1 CO and 21 days s 1 CO respectively.
The provisional liquidator must also notify the Companies Registry of his appointment within 14 days after the date of his appointment.
If the property of the company is likely to exceed in value HKD , the provisional liquidator will hold meetings of creditors and contributories for Dating program purpose of appointing a liquidator and a committee of inspection.
However, such dissolution may not be 'permanent' in the sense that a deregistered company is subject to reinstatement upon the application of any person who feels aggrieved by the deregistration.
A company may hold assets and property, and any monies representing the share capital of the company will remain in the company and not be distributed to shareholders during the period that it is deemed dormant.
Generally, the capital of a company may only be returned to its shareholders in the following circumstances: Thus, even though a dormant company is exempted from a number of key provisions under the CO, it is still required to observe the other provisions of that ordinance, as well as comply with other applicable laws in Hong Kong.
Information Sheets relating to the publication of Gazette Notices under sections 1 and 3 of the Companies Ordinance will be placed on the public records of the company. Nevertheless, dormant company status may be useful if, for example, a company wishes to retain the use of its business names, or if the company may resume trading at a later date.
Given the complexities involved, you are strongly advised to engage the services of a professional firm who will handle the closing down of your company in Hong Kong. Once a winding-up petition is filed in the court, the winding-up of the company shall be deemed to commence and a court hearing will take place.
You should notify the Companies Registry, by way of a letter, of any changes in the addresses of the presentor, applicant or the nominated person to facilitate future communication. In other words, the business is owned by an individual. Upon the publication of the second notice, the company is dissolved sAA 11 CO.
Closing the operations of a solvent company in Hong Kong
They are subject to very stringent requirements, and an attempt at either transaction would necessarily incur more substantial legal costs. A court has a discretion to order that the dissolution of a company by MVL is void, on the application of the liquidator or by any other person who appears to the court to be interested s 1 CO.
Firstly, the Exemptions will cease to apply from the date of the relevant accounting transaction, and secondly, any shareholder of the company who knew or ought to have known about the relevant accounting transaction, and all the directors of the company, shall be personally liable for any debt or liability of the company arising out of the relevant accounting transaction sA 6 CO.
The notice of the appointment of the provisional liquidator and notice of the commencement of the winding up by virtue of delivery of the Declaration to the Companies Registry must be published in the Gazette within 14 days of the appointment of the provisional liquidator.
Where a voluntary liquidation proceeds as a creditors' voluntary liquidation, a liquidation committee may be appointed.
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