Information On Outstanding Assets of a Defunct Company
Information on Outstanding Assets of a Defunct Company
A company becomes defunct after it is either dissolved or struck off from the Register by the Accounting and Corporate Regulatory Authority.
What is the role of the Official Receiver?
Where there are outstanding assets belonging to a defunct company, these
are vested in the Official Receiver under section 213 of the Insolvency,
Restructuring and Dissolution Act 2018. The Official Receiver will then
act as a representative of the defunct company to administer and/or dispose
of these assets under sections 212 and 216 of the Insolvency, Restructuring
and Dissolution Act 2018.
The Official Receiver may represent the company, if it is proven to his satisfaction under section 212(1) of the Insolvency, Restructuring and Dissolution Act 2018 that:
(i) the company, if still existing, would be legally or equitably bound to carry out, complete or give effect to some dealing, transaction or matter; and
(ii) in order to carry out, complete or give effect to the said dealing,
transaction or matter, some purely administrative act should have been
done or should be done by or on behalf of the company, if still existing.
How can I claim assets from a company that no longer exists, i.e. defunct company?
If you are a shareholder or a creditor of the company that has been dissolved
or struck off, you may be eligible to claim its assets. Here's what you
need to do:
(i) As a Shareholder: Confirm that the company has no
creditor / outstanding debts when it was dissolved or struck off.
(ii) As a creditor: Provide evidence of the debt owed
to you by the defunct company.
What is the process for submitting a claim?
(i) You are required to complete an online application through the Insolvency
Office E-services at https://eservices.mlaw.gov.sg/io.
From the menu, select [Corporate Insolvency For Creditors / Shareholders].
For step-by-step instructions, please refer to the guide (click here).
(ii) You must provide the necessary documents to support your application,
as detailed below.
What documents do I need to support a claim?
Depending on whether you are a creditor or a shareholder, you will need
different documents:
1) For Shareholders:
(i) Completed Declaration Form by Director(s) / Shareholder(s);
- Please provide us with reason(s)
if the declaration form cannot be completed;
(You may download a copy of the declaration form here).
(ii) Evidence that the company has been dissolved or struck off e.g. Notice
from ACRA;
(iii) Latest financial statements or management accounts of company as
evidence that it has no outstanding debts / liabilities at the time of
its striking off;
(iv) A copy of the applicant’s NRIC or Passport;
(v) If the applicant is claiming on behalf of the shareholder / shareholding
company - Documents (where applicable) showing that the applicant has the
authority from the shareholder / shareholding company to claim on his /
her behalf e.g. Authorisation Letter, shareholding company’s Articles of
Association, Power of Attorney, Letters of Administration, Grant of Probate
etc.;
(vi) Documents proving the existence of the outstanding asset(s); and
(vii) Any other supporting documents for the application (if applicable).
2) For Creditors:
(i) A completed Proof of Debt form with the relevant supporting documents
to substantiate the claim.
-
Use Form 77 for companies struck off before 30 July 2020.
-
Use Form CWU-1 for companies struck off on and after 30 July 2020.
(You may download a copy of the Form 77 / Form CWU-1 here).
What if I have assets from a defunct company that need to be managed by the Official Receiver?
Please write in to the Official Receiver via https://eservices.mlaw.gov.sg/enquiry/(selecting
"Bankruptcy Matters" under the main category, and "Enquiry on Defunct Business"
under the sub-category) with detailed information about the assets. Please
include all relevant supporting documents and any specific instructions
or information relevant to the management, disposal or transfer of the
assets.
What are the charges of the Official Receiver?
The fees chargeable by the Official Receiver are stipulated in the Schedule
under the Fees (Winding up and Dissolution of Companies and Other Bodies)
Order 2005, including:
(i) Realisation Fee
(ii) Distribution Fee
(iii) Application Fee ($10 per shareholder)
(iv) Payment Processing Fee ($10 per shareholder)
Additionally, ensure that the total value of your claim meets the following
minimum threshold amounts:
(i) Monetary assets (e.g. cash) - At least
$25.00
(ii) Non-monetary assets (e.g. shares) - At least
$50.00
If the value of your claim does not meet the above thresholds, it cannot cover the processing fees required for any funds to be distributed and no payout will be made.
How can I transfer monies to a company that no longer exists, i.e. defunct company?
Please
make payment by way of issuing a crossed cheque made payable to “The Official Receiver”.
You may send the cheque to the following address:
Insolvency Office
45 Maxwell Road
#07-11 URA Centre (East Wing)
Singapore 069118
Ref No: (Defunct Company’s name) - Defunct