company liquidation in hong kong
TRANSCRIPT
Company Liquidation in Hong Kong
A presentation brought to you by OpenCompanyHongKong.com
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Closing a Company in Hong Kong
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• Business owners in Hong Kong may choose to close a Hong Kong company if the business field in which they operate is not profitable enough.
• The company liquidation process includes a few mandatory steps and has a number of particularities.
Causes for Company Liquidation in Hong Kong
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• The causes for business failure are as diverse as the businesses themselves. However, the following are among the most frequent causes for company liquidation in Hong Kong:
too many debts, inadequate company management, the company is no longer profitable, shareholder disputes.
Voluntary Company Liquidation in Hong Kong
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• A voluntary company liquidation takes place when the company directors collectively agree that the corporation in Hong Kong can no longer pay its debts.
• The directors gather for a special meeting and they make a Declaration of Solvency. A provisional liquidator is appointed by the company directors.
Compulsory Company Liquidation in Hong Kong
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• Compulsory company liquidation in Hong Kong is ordered by court. The petition to wind-up the company can be filed by creditors or shareholders.
• This takes place when the company has a very large debt and it is unable to pay or when a Hong Kong court decides that this is the right course of action.
Types of Company TerminationIn Hong Kong
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• A company in Hong Kong may terminate its activities through de-registration or through winding up.
• The winding up/liquidation is only possible for limited companies in Hong Kong. It means that the company will sell all its assets and end all its activities with the help of a liquidator.
Requirements for Company De-Registration in Hong Kong
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• Company de-registration is possible if all the members agree to this procedure. This is a simpler method of terminating a business.
• In order to be de-registered, the company must have ceased any business activities for more than three months or it must have never had any business operations.
Company De-Registration in Hong Kong >>
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• In order to de-register a company, the applicant must submit a special form and other documents to the Hong Kong Companies Registry.
• Once the process is complete, a notice of de-registration is published in the Hong Kong Gazette. After the publication of this public notice the company is dissolved.
>> Company De-Registration in Hong Kong
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• Company owners in Hong Kong are advised to seek professional assistance for legally disposing of their company assets before dissolution.
• The company de-registration process can last approximately five months.
Assistance during Company Liquidation in Hong Kong
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• Our company formation agents in Hong Kong can assist you during any type of company-related procedure, including the liquidation phase.
• You can contact our experts for more advice and recommendations.
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