Dissolving a Company

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.