Company wound up? Directors and Secretaries could still be liable!

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Recently, a well-known medical group is suspected of closing down, sparking widespread concern in the industry. This event prompts us to consider the responsibilities of directors and company secretaries during the winding-up process. Additionally, what are the differences between an individual acting as a secretary and a company acting as a secretary? 

Responsibilities of directors and company secretaries during the winding-up process

Directors:

Firstly, directors bear significant responsibilities during the winding-up process. They must ensure that the company complies with all laws and regulations and protect the interests of shareholders and creditors.

Company Secretaries:

The company secretaries are responsible for ensuring that all necessary documents and reports are accurately submitted to the relevant authorities. 

Differences between an individual acting as a secretary and a company acting as a secretary

Individual Acting:

An individual acting as a secretary typically refers to a professional providing secretarial services to a specific company. Their responsibilities include maintaining company records, arranging board meetings, and ensuring compliance with legal requirements.

Company Acting:

In contrast, a company acting as a secretary refers to a professional service firm providing secretarial services to multiple clients, thereby managing compliance affairs more efficiently. 

With Everpro’s professional guidance, you can better understand these roles and responsibilities, ensuring your company remains compliant in any situation. 

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