Board Resolution For Closure Of Business for Singapore

Board Resolution For Closure Of Business Template for Singapore

A Board Resolution for Closure of Business is a formal document under Singapore law that records the board of directors' decision to cease business operations and wind up the company. It serves as official documentation required by ACRA and other regulatory bodies, outlining the closure process, timeline, and authorizations. This document must comply with Singapore's Companies Act and related regulations, providing a legal basis for the company's dissolution.

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What is a Board Resolution For Closure Of Business?

A Board Resolution For Closure of Business is required when a Singapore company decides to cease operations and close down. This document is essential for compliance with Singapore's Companies Act and ACRA requirements, serving as the official record of the board's decision to wind up the company. It typically includes details about the closure reasoning, process timeline, asset distribution, debt settlement, and appointed representatives. The resolution must be properly executed and filed with relevant authorities as part of the formal closure process.

What sections should be included in a Board Resolution For Closure Of Business?

1. Title and Date: Formal identification of the resolution and meeting date

2. Preamble: Company details and meeting particulars

3. Attendance: List of directors present and quorum confirmation

4. Background: Reasons for business closure and current company status

5. Resolutions: Formal decisions regarding closure, including appointment of liquidator if applicable

6. Closure Timeline: Specific dates and deadlines for closure process

7. Authorization: Powers granted to specific individuals to execute closure

What sections are optional to include in a Board Resolution For Closure Of Business?

1. Asset Distribution Plan: Section detailing how company assets will be distributed - used when company has significant assets to distribute

2. Employee Settlement Plan: Section detailing employee termination and compensation arrangements - used when company has employees

3. Creditor Settlement: Section outlining plan for settling outstanding debts - used when company has outstanding creditors

What schedules should be included in a Board Resolution For Closure Of Business?

1. Schedule A - List of Assets: Detailed inventory of company assets and their estimated values

2. Schedule B - Outstanding Liabilities: Comprehensive list of all debts and financial obligations

3. Schedule C - Employee Details: Complete list of employees and their termination entitlements

4. Schedule D - Closure Timeline: Detailed schedule of closure activities with specific deadlines and responsibilities

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Jurisdiction

Singapore

Publisher

Genie AI

Document Type

Board Resolution

Cost

Free to use
Clauses
Industries

Companies Act (Cap. 50): Primary legislation governing company closure including requirements for striking off, directors' duties, voluntary winding up procedures, shareholder approval requirements, and meeting/resolution protocols

Income Tax Act: Tax legislation requiring compliance during business closure, including tax clearance from IRAS, submission of final tax returns and assessments, and completion of tax clearance procedures

Employment Act (Cap. 91): Labor law governing employee-related obligations during closure including termination requirements, notice periods, final salary settlements, and CPF (Central Provident Fund) obligations

Insolvency, Restructuring and Dissolution Act 2018: Legislation governing procedures for both solvent and insolvent companies, including liquidator appointments, asset distribution, and creditor settlements during closure

ACRA Requirements: Regulatory requirements from the Accounting and Corporate Regulatory Authority covering filing procedures, striking off processes, and mandatory documentation for business closure

Goods and Services Tax Act: GST-related requirements including deregistration procedures, submission of final GST returns, and obtaining GST clearance for business closure

Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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