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Company deregistration and liquidation
Company deregistration and liquidation
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1. Company deregistration: A Hong Kong company (including dormant company) can apply to the Registrar for deregistration of the company and should fulfill the followings: (1) All the members agree to the deregistration;(2) The company has not commenced operation or business, or has not been in operation or carried on business during the 3 months immediately before the application; (3) The company has no outstanding liabilities; (4) The company is not a party to any legal proceedings; (5) The company's assets do not consist of any immovable property situate in Hong Kong; and (6) If the company is a holding company, none of its subsidiary's assets consist of any immovable property situate in Hong Kong.
2. Company liquidation There are three methods for dissolving a limited company in Hong Kong: (1) Members' voluntary liquidation: - complete set of account records; - consent from the majority of shareholders passed by a special resolution; - the company's ability to repay debts; - a liquidator is appointed to monitor and handle the entire liquidation process. (2) Creditors' voluntary liquidation: - complete set of account records; - the company is insolvent and unable to continue trading; - a liquidator is appointed by the creditors to monitor and handle the entire liquidation process; - the liquidator is a certified public accountant or lawyer. (3) Compulsory liquidation by the court: - the company itself, its creditors, the Company Registrar or Official Recevier can be petitioned for liquidation; - the Official Receiver can also act as a provisional liquidator; - the court will appoint a liquidator after the liquidation order is issued; - the process involves multiple meetings with directors, shareholders and creditors.
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