Steps to be taken

Compa ny Act

Compa ny
(Winding Up) Rules

Form s
From Winding Up Rules

1 2

3 4 5

Creditor (henceforth known as the Plt) serves a statutory demand (SD) of > $10,000 at the registered address of the company [1] After 3 weeks, if company is unable to settle its debts, creditor prepares: An originating summons for the winding up of the company An affidavit in support of the origination summons Plt files the items in court through EFS Once the date is fixed, the originating summons is returned with courts seal and hearing date affixed Plt must effect personal service of the application and affidavit on the following: The company at its registered address Nominated Liquidator Official Receiver Registrar of the Accounting and Corporate Regulatory Authority (ACRA) And every person against whom any order or other relief is sought Plt must file an affidavit of service verifying the service of the winding-up application and affidavit in support on the requisite parties Should a contributory or creditor of the company request for a copy of the winding-up application and the supporting affidavit, the applicant is required to furnish a copy within 48h of this request upon payment of 50cents per folio of 100 words Plt must advertise the winding-up application at least 7 clear days (or longer, as per court direction) prior to the hearing of the winding-up application. Once in the gazette, one English + one Chinese local daily newspaper Must contain: o The date on which the winding-up application was filed o The name & address of the applicant and his solicitor o A note at the footer stating that any person who intends to appear on the hearing of the winding-up application to oppose or support, must send notice to the applicant or his solicitor in the manner prescribed by Rule 28 A memorandum of advertisements must be filed after the advertisement of the winding-up application and

254(2) (a)

22 (2) (b) 25

Form 3 Form 5

26 (1) 26 (2) 26 (3) 17

Form 6 Form 7

6 7

Form 6 27

24

Form 4

28 20

Form 8 Form 70

must refer to and give the date of the Gazette or ad, and must be signed by the Plt 1 Plt deposits a sum of $4,800 with Official Receiver to 0 cover the fees and expenses incurred [1] If Plt 153, Chapter VI, Corporate Insolvency, Andrew Chan 1 Paragraph wishes to nominate an approved liquidator, he 1 shall obtain and file the consent to act in writing of the liquidator. 1 Prior to the hearing, Plt must attend before the 2 Registrar and satisfy him #8, #5, #11, #10 1 If a creditor of the company wishes to appear at the 3 hearing, that person must serve the Plt or his solicitor notice of his intention to do so. Served personally or by post Must reach Plt or solicitor not later than 12pm the day before the hearing 1 If any party wishes to oppose the winding-up 4 application, he must file and serve an affidavit in opposition on the Plt or his solicitor at least 7 days before the hearing day. Plt is entitled to file and serve on the party opposing the winding-up, within 3 days of being served the opposition affidavit, an affidavit in reply or further affidavit in support of any facts alleged in the application 1 Parties may file bundle of authorities & opening 5 submissions in court prior to hearing date. Bundle of authorities should be exchanged between parties prior to hearing date. 1 Hearing of winding-up application attended by: 6 Plt or his counsel All other parties wishing to be heard at the hearing 1 At the hearing, Plt must present to the court a copy of 7 the list of persons intending to appear. Alternatively, a statement to the effect if no notice of intention to appear has been given. 1 At the hearing, court may make the following orders 8 Grant the winding-up application Dismiss the winding-up application (with or w/o costs) Adjourn the hearing (conditionally or unconditionally) Make any interim or other order that it deems fit **The winding up is deemed to have commenced at the time of the hearing if court grants the winding-up application 1 Draft order of the court is drawn up, approved by all 9 parties and filed in court. The order is then extracted after payment of the requisite fees through EFS 2 If court makes winding-up order, Plt must inform 0 liquidator immediately 2 Within 7 days of the making of the winding-up order, 1 Plt must lodge with the Registrar of ACRA notice of the winding-up order, its date and the name/address of the

32 (1) (e) 31 (1) 31 (2) 32 28 Form 8

30

29

Form 9

257

255 (1)

34 (1)

Form 10

liquidator 2 2 Within 7 days of the winding-up order, Plt must: Lodge an official copy of the order with the Official Receiver and with the Registrar of ACRA Serve personally or by pre-paid letter, a copy of the winding-up order upon the company Serve a copy to the liquidator with a statement that the winding-up order has been served on the Official Receiver, Registrar of ACRA and the company itself Within 14 days, Plt must publish in the Gazette and advertise a notice of the making of the order Within 14 days, Directors & secretary of the company must submit statement of affairs to the liquidator, who must then make a report to court. It must contain: Details of the companys assets and liabilities Enables the liquidator to carry out investigations into the affairs of the company 262(2) 34 (2)

2 3 2 4

34 (1)

Form 11 Form 62