Company-Strike-off


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COMPANY STRIKE OFF

OVERVIEW

Closing a company is a critical decision that requires following a systematic legal process. Whether due to insolvency, inactivity, or the completion of business objectives, it's essential to understand the steps, compliance requirements, and available methods for winding up a company.

DEFINITION

A company strike off refers to the process of removing a company from the official register, meaning it ceases to exist as a legal entity. This can be done voluntarily by the company or compulsorily by the authorities.

TYPES OF COMPANY STRIKE OFF

1. Voluntary Strike Off

The company’s directors or shareholders apply for the company to be struck off.
The company must have ceased trading and settled all liabilities.
An application (e.g., Form STK-2 ) is filed with the relevant authority.

2. Compulsory Strike Off

The government or regulatory authority removes the company from the register due to non-compliance (e.g., failure to file annual returns, non-payment of taxes).
Creditors or interested parties may object if debts are outstanding.

KEY CONSIDERATIONS BEFORE STRIKE OFF

1. Board Resolution and Extra ordinary General meeting

Directors must pass a resolution approving the strike-off.
The company must convene an Extraordinary General Meeting (EGM) to pass a special resolution. A special resolution is required to initiate the strike-off process, and this requires the consent of at least 75% of shareholders in terms of paid-up capital.

2. No Business Activity

The company fails or does not commence business within one year of incorporation
The company is inoperative or does not carry out any business for two preceding financial years and has not filed an application within such period for getting the status of a dormant company under Section 455 of the Act.

3. No Outstanding Liabilities

The company must settle all outstanding debts, including taxes, employee salaries, creditors, and other liabilities.

4. No Legal Proceedings

The company should not be involved in any ongoing lawsuits or legal disputes.

5. Clearance from Tax Authorities

Obtain tax clearance from the relevant tax authority, confirming that all taxes (corporate tax, VAT, etc.) have been paid.

6. Closure of Bank Accounts

All corporate bank accounts should be closed before applying for strike-off.

7. No Assets or Liabilities

The company should not have any remaining assets or liabilities at the time of the application.

8. Notice to Stakeholders

Notify creditors, shareholders, employees, and any relevant authorities about the intention to strike off.

9. Filing of Final Returns

Submit final financial statements, annual returns, and any other required documents to the regulatory authority.

10. Submission of Strike-Off Application

File an application with the company registrar.
Pay any applicable fees.

11. Public Notice Period

Some jurisdictions require a public notice period (e.g., 30-90 days) before finalizing the strike-off.

12. Registrar Approval

Once all requirements are met, the company registrar will approve the strike-off and remove the company from the register.

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