How to close company during this pandemic - Members' Voluntary Liquidation

Besides Article 550 of the Company Act 2016, Do I have other methods to close the company?

Yes! 2 common ways to close a company in Malaysia is available.

Both methods, sadly speaking, are expensive because you need to appoint a liquidator.

Let’s talk about 𝐌𝐞𝐦𝐛𝐞𝐫𝐬 𝐕𝐨𝐥𝐮𝐧𝐭𝐚𝐫𝐲 𝐋𝐢𝐪𝐮𝐢𝐝𝐚𝐭𝐢𝐨𝐧 𝐭𝐨𝐝𝐚𝐲.

Directors need to sign the Declaration of Solvency at the board meeting and submit it to the SSM
The shareholders will appoint a liquidator to close the company’s affairs
Submit the necessary notices to the SSM and the Department of Insolvency in accordance with the Companies Act
Seek clearance from Sosco, EPF, LHDN and customs, etc.
The liquidator will distribute all assets, pay off all debts and return any excess to shareholders

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