The service for drafting and filing for striking off a company typically involves facilitating the legal process of voluntarily dissolving a company. Here’s an outline of the scope of such services:
Initial Assessment: Assessing the eligibility and feasibility of striking off the company under applicable laws and regulations.
Preparation of Documents: Drafting necessary documents such as board resolutions, shareholder resolutions (if required), and applications for striking off.
Compilation of Required Information: Gathering and organizing company information including financial statements, tax filings, and other relevant records.
Filing with Regulatory Authorities: Managing the process of filing the striking off application with the Registrar of Companies or relevant regulatory authority.
Compliance Management: Ensuring compliance with procedural requirements and deadlines specified by regulatory authorities during the striking off process.
Representation and Liaison: Representing the company in communications with regulatory authorities, responding to queries, and addressing any issues that may arise during the striking off process.
Post-Striking Off Obligations: Advising on and assisting with post-striking off obligations, including final tax filings, closure of bank accounts, and distribution of remaining assets.
Strategic Guidance: Providing strategic advice on the most efficient and compliant approach to striking off the company, considering legal, financial, and operational implications.
Notification to Stakeholders: Notifying creditors, shareholders, and other stakeholders about the company's intention to strike off and ensuring transparency throughout the process.
Customized Solutions: Tailoring services to meet the specific needs and circumstances of the company, ensuring smooth and legally compliant dissolution.
1. Petition Details:
The documents required for drafting and filing for striking off a company typically include:
Board Resolution: A resolution passed by the board of directors approving the application for striking off the company and authorizing key personnel to act on behalf of the company.
Shareholder Resolution: Depending on the company's Articles of Association or shareholders agreement, a resolution passed by shareholders approving the striking off application.
Application for Striking Off: A formal application for striking off the company, usually on prescribed forms provided by the Registrar of Companies or relevant regulatory authority.
Financial Statements: Updated financial statements of the company, including balance sheet, profit and loss statement, and statement of cash flows, up to the date of application.
Statement of Accounts: A statement of accounts showing the company's financial position, assets, liabilities, and the status of its creditors.
Tax Clearance Certificate: A certificate or confirmation from tax authorities stating that all tax liabilities of the company have been settled up to the date of application.
Declaration of Solvency: A declaration signed by directors confirming that the company is solvent and able to pay its debts, including contingent and prospective liabilities.
Director's Affidavit: An affidavit by directors affirming the accuracy and completeness of the documents submitted, and stating that the company has ceased trading (if applicable).
Consent Letters: Letters of consent from directors and shareholders agreeing to the striking off process and confirming their roles and responsibilities.
Other Relevant Documents: Any other documents required by the Registrar of Companies or regulatory authority, such as proof of closure of bank accounts, cessation of business activities, or specific regulatory filings.
What does striking off a company mean?
Striking off a company refers to the process of voluntarily removing the company's name from the register of companies, thereby dissolving it and ceasing its legal existence.
Under what circumstances can a company apply for striking off?
Companies can apply for striking off if they have ceased trading operations, have no assets or liabilities, and if all statutory filings and obligations are up to date. It's typically used when the company no longer serves its purpose or is no longer needed.
Who can apply for striking off a company?
The application for striking off can be made by the directors of the company or by a majority of the shareholders, depending on the jurisdiction and company structure.
What documents are required for filing a striking off application?
Documents typically required include board resolutions authorizing the striking off, financial statements, tax clearance certificates, a declaration of solvency, and other relevant documents as per regulatory requirements.
What is the procedure for striking off a company?
The procedure involves preparing the necessary documents, submitting the application to the Registrar of Companies or relevant regulatory authority, complying with any additional requirements or queries, and awaiting approval.
How long does the striking off process take?
The duration can vary depending on the jurisdiction and completeness of documentation. It typically ranges from a few months to several months, considering regulatory processing times and any issues that may arise.
What happens after a company is struck off the register?
Once struck off, the company ceases to exist legally. Its assets, if any, may vest with the state. Directors and shareholders may still be liable for certain obligations incurred before striking off.
