Close a Thai Company Properly, Leaving No Liability Behind
Stopping operations does not end a company. A dormant company still has accounting, tax and filing duties, and its directors stay exposed to penalties and to claims from creditors. A formal dissolution and liquidation brings the company to an orderly end and gives the shareholders and directors a clean exit.
- Shareholders resolve to dissolve the company. The dissolution is registered within 14 days, and the Revenue Department is notified within 15 days of that registration.
- A liquidator is appointed and, within 14 days, announces the dissolution in a newspaper and writes to every known creditor asking for claims.
- The liquidator collects assets, settles debts, taxes and employee claims, and prepares the liquidation accounts.
- Shareholders approve the final accounts, and the completion of the liquidation is registered.