Phuket Legal Firm
Company Dissolution & Liquidation
Closing a Thai company involves more than stopping business operations. Corporate, accounting, tax, creditor, employee and registration procedures may need to be completed before liquidation is finished.
Dissolution Is Not Completion
A company that has registered dissolution has not necessarily completed liquidation. The company generally continues for liquidation purposes until the necessary process is completed.
Liquidator
The liquidator may collect assets, deal with liabilities, coordinate accounting and tax, handle filings and distribute remaining assets where legally appropriate.
Accounting & Tax
Accounting obligations do not necessarily stop on dissolution. Financial statements, tax filings, VAT matters and supporting records may remain necessary.
Employees & Foreign Staff
Termination, payroll, social security, work permits and immigration status should be coordinated.
Assets & Cash
Do not simply withdraw or distribute all remaining cash at the start of liquidation. Obligations, liquidation expenses and proper accounting treatment should be identified first.
Delayed Liquidation
Incomplete accounts, unexplained cash, outstanding receivables, assets, tax issues, creditors, shareholder balances or missing documents may delay completion.
Before Closing
- Review assets and liabilities
- Cash and bank accounts
- Receivables and payables
- Inventory and fixed assets
- Tax and VAT
- Employees
- Foreign employees and work permits
- Leases and licences
- Pending litigation
- Shareholder and director accounts