Navigating a new beginning!!!

 

Follow our simple online application process to apply for voluntary liquidation with CIPC. 

RegDirect has a team of specialised accountants and attorneys to make this liquidation process quick and effortless.

How to apply for voluntary liquidation?

Z

Complete Online Application

Complete your online application in less than 3 minutes.

Complete Payment Securely

Pay using your Debit / Credit Card, Instant EFT, or Zapper.

Submit your ID Document

Email us a recently certified copy of your ID document (not older than 3 months).

Your application is in progress

You will be contacted within 24 hours to discuss the voluntary liquidation process

What is a Voluntary liquidation?

It is a process where the company or close corporation’s (“the company”) directors/members pass a special resolution to liquidate the company. This can be done either by application to court or via the CIPC. The effect of the liquidation is that all action against the company is immediately stopped. Unless the directors and/or members have signed personal surety for the debts of the company, they are not liable for any company debt (this includes all statutory debt, such as income tax, VAT, PAYE etc). [In this regard be advised that SARS can, prior to liquidation, obtain civil judgments against directors/members of a company and can execute on your assets. SARS can furthermore issue civil summonses and lodge criminal charges under the Tax Administration Act against directors, members, bookkeepers and auditors where taxes are owed. This threat is completely nullified by a voluntary liquidation].

What documents do we require from you?

After the submission of your application, we will require copies of the following documents:

  • Recently certified ID documents of all directors/members.
  • Registration number of company/close corporation.
  • Recent balance sheet/management accounts/financial statements reflecting all assets and liabilities of the company.
  • Recent fixed asset register (if applicable).
  • Detailed list of all employees (if applicable).
  • Recent communications/demands of all creditors (incl. financial institutions and SARS) of the entity.
  • All contracts, including suretyships, binding the entity and/or the directors.

What is the liquidation process?

One of our professionals will contact you to discuss your application. You will be required to sign an engagement letter with us and return same to liquidations@regdirect.co.za. This engagement letter clearly sets out both your and our reciprocal rights and obligations. On receipt of the engagement letter, we will send you the forms required to complete the liquidation. Once we have received the necessary documentation, we will submit the liquidation application to CIPC for processing.

Note that the company’s statutory CIPC returns must be submitted (we can attend to these for you) before liquidation can/will be granted. Once the company is liquidated, we take over all communications with the creditors and you have no further involvement with the liquidated entity.

The accounting/legal process:

Before commencing with the liquidation process, we will do a thorough review of your company and will advise you how best to protect any company assets and your staff, as well as the timing of the submission of the liquidation application (so as to ensure that the company collects as much trade receivables). This advice may entail both legal and accounting expertise. As part of our services, we will also take over all negotiations and communications with your creditors and financial institutions, to ensure that this process is done properly and professionally.

The benefits of liquidating via CIPC:

Cost

We charge an application fee of ZAR4,500 and a negotiated percentage of the debt we have saved you. This is a substantial saving when compared to the ZAR30,000 administration fee you are obliged to pay to the Master when liquidating through the courts, plus attorneys fees and advocates bills. On top of this you will have to pay the liquidator’s fees (3% of the sale of any immovable property, 10% of the sale of movable assets and 1% of any cash of the liquidated company).

Timing

A voluntary liquidation is normally finalised within 3 days of the resolutions being submitted to CIPC (although we cannot guarantee this timing during lockdown). Liquidation through the courts can take up to 12 months.

Ready to get started?

Liquidating your company is not as difficult as you may think.

Let us help you make the first formal steps: fast, easy and most importantly affordable to you.

 

Need more information?

10 + 12 =

Contact Reg Direct

Email: info@regdirect.co.za

Phone: +27 (0)81 355 5300

First Floor, Willowbridge Centre, Carl Cronje Drive, Cape Town, 7530

Connect with us on social media:

100% Safe & Secure