Unload Companies in Malaysia
The Companies Commission of Malaysia (SSM) has a section on their website which explains the process of unloading a company. If a company is no longer able to operate due to financial difficulties, the shareholders may vote to unload the company. This process is also known as winding up a company. The first step is to pass a resolution at a shareholders meeting. Once the resolution is passed, the company must submit a notice of intention to wind up to the Registrar of Companies within 14 days. After the notice is received, the Registrar will publish a notice in the Gazette which gives creditors 21 days to file a proof of debt. Once the 21 days have passed, the company will be wound up and a liquidator will be appointed to oversee the process.
The liquidator will then take control of the company's assets and liabilities and will work to pay off the creditors. Once the creditors have been paid, any remaining assets will be distributed to the shareholders. If there are no assets remaining, the shareholders will not receive anything. The process of unloading a company can be complicated and it is important to seek professional help if you are considering this option.
The liquidator will then take control of the company's assets and liabilities and will work to pay off the creditors. Once the creditors have been paid, any remaining assets will be distributed to the shareholders. If there are no assets remaining, the shareholders will not receive anything. The process of unloading a company can be complicated and it is important to seek professional help if you are considering this option.
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