What is the cost of liquidating a company

08-Dec-2020 13:10

If your company is solvent then this will mean that all of the company creditors will be paid in full and that the company’s assets outweigh the company’s liabilities.

If your company is insolvent then this means that the company is struggling to pay their invoices as and when they fall due and their liabilities far outweigh their assets.

Application for strike off – the liquidator sends a notification letter informing the registrar that upon completion of the liquidation, the liquidation accounts are being submitted and an official request to strike off the company’s name from the register of companies is being submitted.

Notice in the government gazette – published by the registrar announcing the striking off of the name of the company in three months’ time so that any person wishing to object to the strike off may do so.

In this situation the creditors may ask for the winding up of the company.

The directors of the company will call a meeting of the creditors and present: During the meeting a person is nominated by the creditors to act as a liquidator.

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Closure of Malta bank account – before the company is struck off the register.The creditors shall also fix the basis of remuneration to be paid to the liquidator.Apart from the required forms and documentation that are mandatory to submit including (Form B (1), Form B(2), Form L, etc) there are other liquidation implications.There are 3 key stages to the CVL process: Now you have determined that you want to proceed with closing a company the next step would be to talk to a professional advisor in order to confirm the best action for you and your company to take.

Talking through your situation with a professional adviser may give you more options then you first thought.Independent evaluations will be taken in order to sell the assets for the best price available.

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