During the course of a business, there might come a time where you will consider dissolving your company for various reasons. If you are currently thinking of striking off your company from the Malta business registry, this article will give you an idea of what is involved in this process.
To start off, there might be several reasons why a business owner decides to dissolve a company such as retirement, to re-organise a group of companies, internal conflicts, lack of profitability or even bankruptcy. In any case, under the Maltese law, a company cannot be struck off the Registry automatically as it requires the services of a liquidator to be finalised.
Below are some of the things that need to be handled in terms of company liquidation, to have an idea of what the process entails:
- Deregister from VAT
- Deactivate PE number
- Cancel business license
- Cancel company’s entry in the business registry
- Fulfil any outstanding social security obligations
- Ensure that all tax returns are filed
- Close off accounts
- Finalise any pending audits
- Pay creditors
By conducting such processes, once a company is dissolved, it will no longer be able to trade or be involved in any type of business activity. Furthermore, the business name will become available again and can be used by a new business owner.
Although we have shared with you basic information on what is involved to strike off a company from the Malta registry, we strongly suggest that you seek professional advice from experts in the field. 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.