Malaysia
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Striking-off process is a process in which the Registrar’s exercises his
discretionary power to strike the name of a defunct company off the register if
the Registrar has reasonable cause to believe that:
1) The company is not in operation or is not carrying on
business
2) The company has been wound up but no liquidator is
acting
3) The liquidator’s failed to lodge any return and the
Liquidator’s Account of the wound up within the stipulated period as required
by the law; or
4) The company has no asset or insufficient funds to pay
the costs of obtaining an order from the Court to dissolve the company
A company that has been struck off from registrar will be dissolved on
the publication date of the notice in Gazette.
At the
point of applying for strike off, the company:
1) Must
be dormant. This means that the company should be neither carrying on a
business nor operations. Even if the company was in operations in the past, it
is most important that at the point of application, the company is already
dormant.
2) Has
no bank account. Even if the company has bank accounts previously, all bank
accounts have to be closed before proceeding with the application.
3) Has
no assets or liabilities. All assets would have been written off, and all
liabilities have been settled or waived by the creditors before the
application. Ideally, the balance sheet will be showing the cash in hand amount
to be the same as the share capital.
4) Does
not have any charges in the Register of Charges. This means the company does
not pledge any assets for financing or other commitments, in other words, free
from encumbrances.
5) Settled
all penalties and compounds under the Companies Act 1967.
6) Has
no outstanding tax or other liabilities with any government department or
agency.
7) Is
not involved in any legal proceedings within or outside Malaysia.
8) Is
not a holding company of another corporate body.
9) Did
not guarantee or agree to guarantee to make payment to any other third parties
following a certain event or non-event.
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