According to the Companies Law there are two options for voluntarily closing a company and removing it from the Register of Companies:
A Voluntary Winding Up
- This is the most secure method of terminating a solvent company because it protects the company from post liquidation claims from members.
- As determined by the articles of incorporation of the company, a company should begin the voluntary winding up process by passing a resolution and then appointing a liquidator. (Any person, director or officer of the company may act as liquidator.)
- The Registrar will deem the company to be dissolved three months after they receive notice that the final meeting has been held.
A Strike Off
Striking Off – Upon Request
This is the quickest method of closing an Ordinary Resident Company. It is typically used for companies that never began conducting business in the first place or has no assets and no liabilities. The Company can request that the Registrar of Companies strike the company from the register by way of a resolution of the company requesting same.
A company which has not filed its Annual Return and paid its annual fees will be struck from the register for non-compliance. Any assets held by the company when it is struck from the Register are automatically vested with the Minister of Finance.