Email which I received from Natas
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Ananda Travel was ordered to be wound up by the Supreme Court over the
last weekend.
Below are some info regarding compulsory winding up of companies.
Distribution Of Assets
Creditors should as soon as possible after the winding up of the company
lodge their proofs of debt
together with supporting documents with the liquidator. Before declaring
dividends, the liquidator is
required to publish in the Gazette a Notice of Intention to Declare
Dividends and send the notice to
all the creditors who had been disclosed in the Statement of Affairs but
had not filed their proofs of
debt, giving them 14 days to lodge their claims. The liquidator will
thereafter adjudicate all the claims
lodged against the company and admit or reject the proofs of debt
accordingly. Any creditor who is
dissatisfied with the liquidator's decision in respect of his proof of
debt may appeal to the Court against
the liquidator's decision.
Dividends will be declared according to Section 328 which provides the
order of priority according to
which the liquidator should repay the debts of the company. If there are
any surplus after paying the
creditors and costs of liquidation, the liquidator will apply to Court
to settle the list of and adjust the
rights of contributories amongst themselves to enable the return of
capital to them.
You may wish to register with the official liquidator:
Don Ho & Associates
Certified Public Accountants
Corporate Advisory & Recoveries
Equity Plaza,
20 Cecil Street, #12-02/03
Singapore 049705
Tel: 6532 0320
Fax: 6532 0331
For enquires pertaining to the process, please contact Mr Francis Lim
[email protected] or Ms Fanny Teo
[email protected]
at Tel: 6532 0320
We hope the above information will be helpful and leave the decision to
you to decide on your next course of action.