Bankruptcy, Individual Voluntary Arrangement and Winding-up of Companies
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9. When will the winding-up process be completed?

The liquidator will apply to the Court for the release of the relevant duties once the followings have been accomplished:
  • all the assets of AZ Company have been realized (i.e. all assets have been sold and converted to cash);
  • investigations related to the winding-up proceedings are completed; and
  • a final dividend (if any) has been paid to the creditors to settle the debts

The liquidator will send notices, together with a summary of the relevant receipts and payments in the liquidation, to the creditors and contributories of the company of the intention to apply to the Court for release from the duties as liquidator. At this point, any creditor or contributory has 21 days from the date of the notice to raise objection to the intended release of the liquidator.

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