Winding up of a company, is a process where the company’s assets are seized and liquidated (converted into cash) to pay off the company’s debts and liabilities.
It ensures a fair distribution of the company’s assets amongst its stakeholders, and terminates the company’s existence once all its debts and liabilities have been paid off.
Winding up should not be confused with striking off. Striking off is another way of closing a company which is suitable for companies which are not active and do not have any assets or liabilities. If your company is insolvent, it can only be wound up and not struck off.
Pursuant to Section 344 of the Companies Act, a company, regardless of it being a private company, exempt private company, public company limited by shares, public company limited by guarantee, may apply to ACRA to strike its name off the Register.
ACRA may approve the application if there is reasonable cause to believe that the company is not carrying on business, and that the company is able to satisfy the criteria for striking off.
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