Striking Off a Company in Malaysia

Update Date:2015-9-19 18:27:12 Source:Tannet (Malaysia) Sdn Bhd Views:2543

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Striking-off process is a process in which the Registrar’s exercises his discretionary power to strike the name of a defunct company off the register if the Registrar has reasonable cause to believe that:

1) The company is not in operation or is not carrying on business 
2) The company has been wound up but no liquidator is acting 
3) The liquidator’s failed to lodge any return and the Liquidator’s Account of the wound up within the stipulated period as required by the law; or
4) The company has no asset or insufficient funds to pay the costs of obtaining an order from the Court to dissolve the company 

A company that has been struck off from registrar will be dissolved on the publication date of the notice in Gazette.

At the point of applying for strike off, the company:

1) Must be dormant. This means that the company should be neither carrying on a business nor operations. Even if the company was in operations in the past, it is most important that at the point of application, the company is already dormant.

2) Has no bank account. Even if the company has bank accounts previously, all bank accounts have to be closed before proceeding with the application.

3) Has no assets or liabilities. All assets would have been written off, and all liabilities have been settled or waived by the creditors before the application. Ideally, the balance sheet will be showing the cash in hand amount to be the same as the share capital.

4) Does not have any charges in the Register of Charges. This means the company does not pledge any assets for financing or other commitments, in other words, free from encumbrances.

5) Settled all penalties and compounds under the Companies Act 1967.

6) Has no outstanding tax or other liabilities with any government department or agency.

7) Is not involved in any legal proceedings within or outside Malaysia. 

8) Is not a holding company of another corporate body.

9) Did not guarantee or agree to guarantee to make payment to any other third parties following a certain event or non-event.

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