Small Claims – Winding Up Orders
Winding up orders can either be voluntary or compulsory. This is an order initiated and leading to the cessation of existence of a company in Singapore. There are different procedures to be followed during winding down depending on whether the process was initiated voluntarily or ordered by a court.
At Singapore Debt Collection, we provide services on a consultancy scale as well as legal representation when a company faces winding up orders. Regardless of the reason for initiation, your company needs to have effective advisory services in order to ensure that the interests of your shareholders are fully guarded.
Reasons for Winding Up
Other than insolvency, companies can be wound up if the shareholders all agree to cease operations, or if the company stops the business activities for which it was began. The reasons may be dormancy or lack of profitability which makes it difficult to meet financial costs associated with keeping the company operational.
Companies can also be wound up through the courts where the company or its officers are proven to be operating in breach of the law, or fail to comply with industry-specific regulations. Irreconcilable differences among shareholders as well as corporate restructuring can also lead to cessation of a company through winding up orders.
Voluntary winding up
Singapore Debt Collection can help your company to initiate voluntary winding up for whatever reason. Winding up order follows a very specific chain of events, and hence you need to have legal representatives and advisors who are well versed with the full procedures of winding up. This will ensure that you not only comply with regulations, but it is also the best way to safeguard the interests of the stakeholders in the company’s dissolution process.
We will keenly follow the activities of the liquidators as the company’s representatives during disposal of assets, paying off liabilities, compliance with tax regulations and determining the state of affairs of the company. This is to make sure it complies with the law and that the company realizes the maximum possible gain from the winding up process in order to give shareholders the highest value for their investment.
Compulsory winding up
If the winding up process is compulsory, you can engage our services at Singapore Debt Collection to represent you prior to the issuance of the winding up orders. We will be there at every adjoining process according to the regulations of the compulsory winding up orders in order to safeguard the company’s interests, especially where the order was brought before the court by parties other than the company itself or its official representatives.
Contact us if you are facing winding up orders and we will help make your transition as smooth as possible.