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.

01Key features of Members' Voluntary Liquidation

• Winding-up procedures initiated by shareholders
• 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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