Wilson Accounting Limited
Company Liquidation Service
To close a Hong Kong limited company, there are a number of situations involved:
- Revocation of Registration
- expel
- Winding
Improper processing may violate relevant laws and regulations. In serious cases, there is a risk of arrest or affecting the freedom of movement in and out of Hong Kong.
Company liquidation services include acting as liquidator or adviser to the company in a winding-up case:
– Compulsory Winding-up (CCL)
– Shareholders’ Voluntary Liquidation (MVL)
– Creditors’ Voluntary Winding-up (CVL)
Compulsory Winding-up by Court (CCL)
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The company itself, its creditors, the Companies Registry or relevant company officers may also apply for a winding-up order to:
- After a winding-up order is issued, the court will appoint a liquidator to follow up
- The Official Receiver's Office can also act as provisional liquidator
- For assets below HK$200,000, you can choose the simplified procedure (Cap. 32, s.227F)
Shareholders’ Voluntary Liquidation (MVL)
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For a shareholder to wind up a company voluntarily, the following conditions must be met:
- Completed account records for the company
- Passing special resolutions at general meetings of shareholders
- There is no need for a meeting of creditors
- Pay off creditor debts within 12 months
- The liquidator is required to supervise and handle the entire winding-up process
Creditors’ Voluntary Winding-up (CVL)
To close a Hong Kong limited company, there are a number of situations involved:
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There are two types of creditors’ voluntary winding-up:
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The first is when the directors of the company meet with shareholders and creditors to reach a consensus on a creditors' voluntary winding-up, subject to the following conditions: (Cap. 32, s. 241)
- Completed account records for the company
- Passing special resolutions at general meetings of shareholders
- The liquidator is required to supervise and handle the entire winding-up process
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The second scenario is when the directors of the company pass the meeting without the participation of shareholders and meet the following conditions: (Cap. 32, s.228A)
- The company can no longer continue to operate
- The liquidator supervises and handles the entire winding-up process
- The liquidator must be a Certified Public Accountant
- Appointment of the Audit Committee
