14.06.2022
When you are operating a company, there might be a time that for a reason or another, you will want to close the company and put it into dissolution. This is called Member’s Voluntary Winding Up. Striking off a company from the Malta Business Registry, involves a process with several steps.
Under the Maltese law, a company cannot be struck off the Registry automatically because it requires the services of a liquidator which is appointed by the shareholder. The liquidator takes control of the company in the winding up process. In other words, the powers of the director/s are shifted upon the liquidator. During the winding up process the liquidator will have the power to liquidate the assets of the company and pay the creditors (if any), and distribute the rest to the shareholders.
In terms of liquidation process, the below are generally tasks that need to be handled to close the company. Of course, VAT, tax, accounts, and audits need to be completed, and any necessary payments need to be submitted. It’s essential that the company is in good standing with the authorities.
- VAT deregistration
- PE number deactivation
- Jobsplus terminations
- Business license cancellation
- Tax deregistration
- Debt settlements
- Closure of bank accounts
The necessary documents and financial statements are then submitted to the Malta Business Registry for their approval and to stuck off the company. Once a company is dissolved and struck off, it will no longer be able to trade, and the business name will become available again.
We can assist you with the dissolution and winding up process of your company. As appointed liquidators of companies facing dissolution, the team at Fairwinds Management Limited works hand in hand with the accounting team to ensure that the company’s assets are distributed fairly for the benefit of the creditors and all VAT and tax considerations are considered.
For further information please do not hesitate to contact us on info@fairwindsmanagement.net.
