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Corporate and Commercial

Establishing a company limited in Thailand requires registration with the Department of Business Development

Removal of defunct company

Removal of defunct company

Registered partnership, limited partnership, and limited company that have already registered,

have the duties to make and submit an annual financial statement to the Department of Business Development, in order to show their financial status and business performance in the past year. Providing that there is no business transaction, or if there is business transaction with no annual financial statement submitted to the Department of Business Development, or if the registration is repealed but there is no liquidation report submitted to the Registrar or the liquidation report is not completed, the partnership’s and company’s name are still in the register. They are still considered as juristic persons, distorting the real data base of juristic person. People, therefore, possibly do not know that the partnership or company do not run business anymore, misleading people and causing damage due to the dishonesty and misrepresentation in connection with the real status of the partnership or company.

Assumptions of no business transaction or activity, or if the registration is repealed without a liquidator

  1. A partnership or company have not been submitting a financial statement for three years consecutively;
  2. A partnership’s or company’s registration have been repealed, but the liquidator does not complete or submit liquidation reports within three years from the repeal date, and the Registrar has tendered a letter via registered post to the partnership or company and the liquidator to completed the liquidation within 180 days but the liquidator does not do so.

Results of the removal of defunct company from the register

  1. The juristic person status of the partnership or company ceases;
  2. The existing liability of the managing partners, partners, directors, managers, and shareholders remains the same and it shall be claim for any damages as if the juristic person status of the partnership or company does not cease;
  3. The partnership or company could be re-registered providing that the partners, shareholders, or any creditors of the partnership or company petition to the court on the ground of unfair removal of registration. If the court is of the view that at the time of registration removal, the partnership or company are still running their businesses or it is just for them to be re-registered, the court could order to re-register the partnership or company. However, the petition cannot be made after 10 years from the date of registration removal of the partnership or company.

Roles of MVP

MVP team who is experienced in this matter is ready to provide you with full service to act as a representative and consultant for the removal of registration, liquidation, and re-registration.

Government agency involved

Department of Business Development