Company Deregistraion & Liquidation
If you have no plan to resume business of a company that has never been operated or has ceased operation, we suggest you to dissolve the company to avoid lawsuit brought by government.
Conditions and requirements for deregistration
- Any local private companies which are defunct and solvent
- All the members of the company agree to the deregistration
- The company has not commenced business, or has not been in operation during the 3 months immediately before the application
- The company has no outstanding liabilities
- The company’s or its any subsidiary's assets do not consist of any immovable property situate in Hong Kong
Note: May take well up to six months after the filing of application for the Companies Registry to de-register your company.
Liquidation / Winding-Up
If you cannot fulfill the conditions of deregistraion, you are requested to dissolve the company by winding-up.
- By the members, the company should able to pay-off its creditors when wound-up.
- By the creditors, when directors of the company do not believe that it will be able to pay-off the debt. The creditor(s) can liquidate the company.
Winding-up by the court
- For the company which is unable to pay its debts
- If a company with a debt exceeding HK$10000 fails to pay it or make arrangement with creditor(s) which is accepted by them within three weeks of receiving their written demand, then it is deemed unable to pay its debts.
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Do You Know?
- Before you file the application for deregistration, you should close the corporate bank account and also make sure that there is no outstanding accounts receivable.
- It is a bad idea to put the company aside and do not pay annual fee, as any company failed to comply the annual filing requirement will lead to a huge amount of penalty or even be prosecuted by government of Hong Kong.