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How to close down a company with no financial account for the past 8 years?

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asked on Mar 26, 2019 at 11:08
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edited on Apr 8, 2019 at 22:44
 
Recently I have been involved in a company tax issue. FYI, I am the "sleeping partner" for a company for the last 8 years. Recently I just realize that the company has not submitted last 8 years financial report to Suruhanjaya Syarikat Malaysia (SSM) or Lembaga Hasil Dalam Negeri (LHDN). (The other director just passed away and left me as director now)

There is no way to make the financial report as I don't have any information. Also, there is no any available information as all the info has been thrown away.

Is there any advice on how to close down this company? Voluntary wind up still requires to work out the financial report for the last 8 years which I have no clue on it and it will cost me a lot. 

Is there any quick fix for this issue? Hopefully some sifu here can advice me. Thanks.
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4 Answers

answered on Mar 26, 2019 at 11:59
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How many employees still working at the company now?
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answered on Mar 26, 2019 at 12:58
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edited Apr 8, 2019 at 22:51
 
If you have no choice, complete all 8 years financial report and tax and submit to SSM and LHDN.  

After you made the submission, there's penalty from the Companies Commission of Malaysia (SSM) and Tax Department.  Appoint auditor and tax agent to complete the work for you. Be prepare to pay high fees for the work.  Maybe you can trace back who was the last auditor from SSM.  

There's no shortcut. You need all the documents before you can voluntarily close down the company.
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answered on Mar 26, 2019 at 13:57
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edited Apr 8, 2019 at 22:53
 
@vkpc,

How many employees still working at the company now?
None. 

@sheeba,

There is no any record of last 8 years financial report and hence auditor also can't help much. I was thinking how to make out these 8 years account with no info. Previous auditor has expressed themselves that they won't help us but to be fair they also don't have any info for the past 8 years.
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answered on Mar 26, 2019 at 16:47
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edited Apr 8, 2019 at 23:03
 
Maybe you can start from extracting the last financial report filed with  Companies Commission of Malaysia (SSM). It should be still in the system. 

It should have the profit and loss of the company and balance sheet.  

Your auditor should at least give you a copy of the last audited account. Then, explain to you about the accounts. Do you know what is the financial situation of the Company for the past 8 years? i.e how long it has been active or dormant when the other director was still alive? Is the company bank account still active?

You can also go to Lembaga Hasil Dalam Negeri (LHDN) and check with the officer in regards your company tax affairs... the last tax paid and when.  

I'm sure after gathering all the info, you will know what to to next.  
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