A company can close down due to various reasons. The closing of a company may be due to loss or damage and inefficiency to handle business operations, market fluctuations and market competition. Additionally, there might be a case of shareholders withdrawing their capital from the company to invest in other business ventures. Generally, the closing of a Thai company is a lengthy and complicated process. The closing process must be carried out efficiently and legally.
Once the company is decided to be closed by the shareholders, the finalization and auditing of the company's accounts is the first step to determining its assets and liabilities. Any pending or ongoing accounting and legal matters must be completed before the closing process is commenced. The company must appoint a liquidator to wind up all the affairs of the company and register it with the Ministry of Commerce. Under the Civil and Commercial Code of Thailand, (Section 1247 – Section 1273), the voluntary liquidation and dissolution process of a private limited company are set forth as follows.
Bankruptcy or inability to pay back the debts also call for the closure of a limited company. In this case, a court order is required which appoints a liquidator to execute this process once approved. This requires legal paperwork and application filings which might be a bit of struggle for most owners. Therefore, it is always better to appoint an experienced legal staff to perform these cumbersome tasks efficiently in a timely manner.
Our experienced legal professionals and accounting team have successfully accomplished the closure of companies in Thailand for innumerable reasons. With our esteemed years of experience, we have helped us to reduce tax implications and complete the closing process within the shortest timeframe. Cloud 7 Legal Services offers effective and reliable company dissolution services in Thailand at reasonable charges.