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When a company owners or directors decide to discontinue or wind up their business, one of the most feasible and easiest ways to close a company is by striking off its name from the Register of Companies. This option is preferable when a company has been inoperative for a certain period of time and has no or minimal outside liabilities. The process of striking off involves fulfilling all compliance requirements, preparing various documents, and seeking assistance from a professional.
On approval of the strike off, the company’s name is removed from the register, and it is considered non-existent in the eyes of the law. However, it is important to note that the company must ensure that it has no assets or liabilities and has complied with all relevant applicable provisions before proceeding with the strike-off application. This option is often referred to as a fast-track exit, as it can be relatively quicker compared to other options like winding up, which may involve more time, investment, and compliance.
On the other hand, winding up is typically preferred when a company is in the operative stage, has assets and liabilities, and requires approval from members, directors, and creditors. The winding-up process may involve appointing a liquidator to manage the company’s affairs during the process, and it can be time-consuming.
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