Selling a disused (empty) company or options

[Cricky]

I have a disused (empty) company that I was using for a house which I have now put in my daughter’s name.

 

Has anyone had experience in selling this type of company, or what have you done with the company once you have given the property to a Thai National?

What are my options?

 

If I remember it’s a 2 million baht company.

 

I have had a few companies in the past but have only changed names when I have sold the houses so never had to get rid of the company as it went with the house sale.

[jackdd]

Nobody in his right mind would buy the company because he can't know for sure which liabilities the company has.

So imho your only choice is to wind it up if you don't have a need for it anymore

[Delight]

59 minutes ago, jackdd said:

Nobody in his right mind would buy the company because he can't know for sure which liabilities the company has.

So imho your only choice is to wind it up if you don't have a need for it anymore

I agree with this statement !

I also believe that closing a  company is more expensive than creating one.

Checking for all potential liabilities bumps up the price.

[Cricky]

9 hours ago, jackdd said:

Nobody in his right mind would buy the company

there seems to be a lot of those type here. LOL

[Cricky]

8 hours ago, Delight said:

I also believe that closing a  company is more expensive than creating one.

yes, much more expensive.

[baansgr]

15 hours ago, jackdd said:

Nobody in his right mind would buy the company because he can't know for sure which liabilities the company has.

So imho your only choice is to wind it up if you don't have a need for it anymore

A simple check at DBD will show any debts owed by the company but most people are on the same assumption as you which is a misleading conception, because of this it's unlikely the OP could sell the company and yes closure fees can be up-to 150.000 baht which is why lawyers do not inform clients at inception 

[scorecard]

On 1/1/2019 at 11:44 PM, Delight said:

I agree with this statement !

I also believe that closing a  company is more expensive than creating one.

Checking for all potential liabilities bumps up the price.

Yes, true, there's a long time-consuming multi-step process (required by laws / regulations) and it ain't cheap. And if nothing is done you can eventually be fined for not submitting an annual company return, tax return etc.

 

If this is the route you take (your choice of course) can I suggest don't use a lawyer, total rip off, many accounting offices can do all of this, all totally legal and at much much lower fees.

 

Yes, true, many folks would be hesitant to buy the company because it may have undisclosed unpaid tax obligations, unpaid bills for wages, for maintenance of buildings, cars, etc, bank overdrafts, unpaid loans to purchase property / vehicles and many more items. 

 

One possibility, I'm aware that property agents sometimes have buyers who suddenly want such a company to buy a specific house they have selected. Agent will usually be keen to help so that the sale is finalised quickly and the agent gets the commission.

 

So if the property agent knows you have such a company and you want to get rid of it they could offer the company name and ownership stuff to the buyer, probably free. In reality most bigger property companies know how to do the transfer of ownership of the shares, which is all on-line, not difficult, takes 5 minutes and not expensive at all.

 

But still possible of course that the buyer has concerns about outstanding liabilities of old companies. 

 

Not an easy scenario, good luck.

 

 

Edited January 3, 2019 by scorecard

[JIMMY56]

Hello Scorecard i am in a similar position as VYCM do you know of an accountant that i can have a chat with 

Thanks

[Cricky]

On 1/3/2019 at 11:00 AM, JIMMY56 said:

Hello Scorecard i am in a similar position as VYCM do you know of an accountant that i can have a chat with 

Thanks

I would suggest someone local, ask around, I see you're in Surin, I'm sure there are lots of Expats in your area you can ask