Sometimes, after establishing a company, plans change. If you’re a shareholder considering closing down your company, choosing the most affordable and efficient path could likely lead you to a process known as striking off. This alternative to the more expensive and time-consuming members’ voluntary liquidation requires that your company have zero assets and zero liabilities.
Expect the striking off process to span about five months. It begins with an announcement in the Government Gazette and concludes when the striking off comes into effect after a certain date. As soon as the striking off is detailed within the Final Gazette, your corporation will be deleted from the ACRA’s name register.
But remember, even though your company is dissolved, any financial documents need to be kept for at least five years following the effective date of the striking off, as mandated by law.
Feel free to reach out to us at HeySara if you’re contemplating whether your company can undergo a striking-off. We’d be happy to help assess your situation.
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To provide the best experiences, we use technologies like cookies to store and/or access device information. Consenting to these technologies will allow us to process data such as browsing behavior or unique IDs on this site. Not consenting or withdrawing consent, may adversely affect certain features and functions.
Functional
Always active
The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
Preferences
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
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The technical storage or access that is used exclusively for statistical purposes.The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
Marketing
The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.
Sometimes, after establishing a company, plans change. If you’re a shareholder considering closing down your company, choosing the most affordable and efficient path could likely lead you to a process known as striking off. This alternative to the more expensive and time-consuming members’ voluntary liquidation requires that your company have zero assets and zero liabilities.