What is the cost of liquidating a company

Independent evaluations will be taken in order to sell the assets for the best price available.Creditors will be paid in the order which is laid down in the Insolvency Act 1986.Final Settlement System Rules – a request to the Commissioner by Malta payroll services provider is made to cancel the registration of the payer by filling in the appropriate de-registration form.

Before we discuss the different processes of closing a company, you must first decide if your company is solvent or insolvent.These are listed below: Income tax – the assets of the company cannot be distributed to the shareholders by the liquidator unless adequate provision is made for the payment in full of any tax which he knows about or might reasonably expect to be payable by the company.The Liquidator should request a tax clearance letter from the IRD (Inland Revenue Department).Application for strike off – the liquidator sends a notification letter informing the registrar that upon completion of the liquidation, the liquidation accounts are being submitted and an official request to strike off the company’s name from the register of companies is being submitted.Notice in the government gazette – published by the registrar announcing the striking off of the name of the company in three months’ time so that any person wishing to object to the strike off may do so.

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A company should contact professionals in the field to make sure all the required forms and documents are compiled and filed with the authority within the required timeframes.

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