Requirement to close (aka strike off) Sdn Bhd?

Over 4,000 companies shut down since April this year, the Dewan Rakyat was told today. Deputy Domestic, Trade and Consumer Affairs Minister Rosol Wahid said 1,592 of the 4,542 closures took place in June, the most recorded from April 1 to July 19.

So how to close (aka strike off under S550 of Company Act 2016) for Sdn Bhd? This series we cover the requirements to strike off.

Requirement for an application pursuant to Section 550 of Company Act 2016 for strike off exercise:

1. The resolution of the shareholders have been passed for the initiation of the application to strike off the name of the company from the register on the basis that the company is not carrying on business or not in operation.
2. The company has no assets and liabilities at the time when the application is made.
3. The company has no outstanding charges in the Register of Charges
4. The company has no outstanding penalties or offer of compounds under the CA 2016
5. The company has no outstanding tax or other liabilities with any Government Department or Agency
6. The information of the company with the Registrar is up to date
7. The company is not involved in any legal proceeding within or outside Malaysia
8. The company has not made any return of capital to the shareholders
9. The company is not a holding company & a “Guarantor Corporation