- For applications under the Insolvency, Restructuring and Dissolution Act, the applicant is required to pay the winding up deposit of $10,400 prior to the application is filed with the High Court. Please email Finance@mlaw.gov.sg for account details to pay the said deposit via PayNow or bank transfer. An Official Receipt will be issued via email to you within 4 working days upon receiving the completed Deposit Form. You are required to exhibit the Official Receipt as part of your winding up application.For applications under the Companies Act, the applicant has to pay a winding up deposit of $10,400 after serving the application to the Official Receiver. The deposit may be paid via the following modes:1. Lodgment Form;2. Cheque; or3. Cash/ Nets at Singpost (only available 1 working day after the application is filed and accepted by the Official Receiver)The processing time for payment of winding up deposit paid via Lodgment form and cheque is 5 working days, after which, an official receipt will be emailed to the solicitors.Both the official receipt from IPTO and receipt from Singpost can be filed to the High Court as evidence of payment of the winding up deposit.
Can you give legal advice for corporate liquidation matters?
We are unable to provide legal advice. Please consult your solicitors on this matter.Are shareholders of wound up companies required to file their claims with the liquidator?
Shareholders, also known as contributories, need not file a proof of debt against the wound up company to make a claim on their share capital. Where there are surplus funds after the liquidator pays all necessary liquidation expenses and dividends to creditors, such surplus funds will be distributed to the shareholders according to the proportion of their interests in the company's share capital.How do I apply for bankruptcy protection for a company?
We are not in a position to give legal advice. Please consult your own legal advice if you need any help.What is the Corporate Insolvency Division?
The Corporate Insolvency Division is a division under the Ministry of Law that deals with matters in relation to corporate insolvency matters, including liquidation and defunct entity matters.
For more information on the Corporate Insolvency Division or the Official Receiver, please refer to our website.Who are the preferential creditors in the case of a corporate winding up scenario?
They are classes of creditors receiving preferential rights to payments upon a corporate’s winding up. According to section 328 of the Companies Act and section 203 of the Insolvency, Restructuring and Dissolution Act 2018, preferential creditors would include, amongst others, employees, CPF Board and the Comptroller of Income Tax etc.What is liquidation?
Liquidation is a process where the wound up company’s assets are seized and realised, with the resulting proceeds being used to pay off its debts. Any surplus monies would then be distributed to its contributories.
For more information, please refer here.What does it mean for a company to be liquidated?
Liquidation is a process where the wound up company’s assets are seized and realised, with the resulting proceeds being used to pay off its debts. Any surplus monies would then be distributed to its contributories.
For more information on liquidation matters, please refer here.What is the payee's name for cheque payment to the Official Receiver?
Payments to wound up companies and defunct companies may either be made in favour of "The Official Receiver, Singapore" or the name of the companies. Please indicate the case reference number behind the cheque.What can the creditors/ shareholders do if they are not satisfied with the services provided by the private liquidator?
The creditors / shareholders should seek their own private legal advice to assess whether there are grounds to initiate an action to replace the liquidator. Alternatively, they may inform the Official Receiver and the ACRA the reasons why the services provided by the private liquidator have not been satisfactory.How long is a liquidation administration?
The duration of a liquidation administration is subject to the time taken for realisation of the entity's assets. There is no fixed duration for the administration.How does a company file for liquidation?
Liquidation is a process where the wound up company’s assets are seized and realised, with the resulting proceeds being used to pay off its debts. Any surplus monies would then be distributed to its contributories. For more information on liquidation matters, please refer here.
Please consult your solicitors or accountants on the procedures to wind up a company.Obligations of officers of a wound-up company
When a company is being wound up, all officers of the company, including directors, must fulfill certain duties throughout the winding up of the company. Some of these are highlighted below:
(a) Duty to assist and co-operate with the liquidator
(b) Submit Statement of Affairs
(c) Submit company's books, records and documents
(d) Do not represent to be an agent of the company
(e) Do not transact on behalf of the company
(f) Do not deal with the assets of the company
(g) Do not collect any payment on behalf of the company
(h) Do not pay creditors of the company
Who is the Official Receiver?
The Official Receiver is the public officer who acts as:- A Liquidator in Compulsory Winding Up
- A Regulator in Compulsory & Voluntary Winding Up
- A Representative in Defunct Cases
- A Liquidator for Unincorporated Entities
How can I transfer out a vehicle belonging to a company that had been dissolved?
Where there are outstanding assets belonging to a defunct company (a company that was struck off or dissolved), the assets are vested in the Official Receiver under the provisions of the the Companies Act and the Insolvency, Restructuring and Dissolution Act 2018. The Official Receiver will then act as a representative of the defunct company to administer these assets.If you wish to transfer a vehicle belonging to a defunct company, please forward to the Official Receiver the vehicle log card and company profile searches of the defunct company.