How to Close Down a Company in Singapore and Liquidate Your Assets

Closing a business in Singapore involves more than just submitting paperwork to ACRA. For companies with machinery, scrap metal, warehouse inventory, electronics, or office equipment, one of the biggest priorities is recovering as much value as possible before operations officially end.

Instead of paying high disposal costs, many businesses today choose to liquidate their unused assets through professional recycling and scrap buyers. Materials such as copper, aluminium, stainless steel, cables, servers, and industrial equipment can still hold significant resale or recycling value.

This guide explains the proper steps to close a company in Singapore while maximizing returns from your physical business assets.

5 Step Close Down a Company in Singapore

Step 1: Decide How to Close Your Company

In Singapore, companies generally close through either Striking Off or Winding Up (Liquidation).

1. Striking Off

Striking off is the simpler and lower-cost option for companies that:

• Have stopped business activities
• Have no outstanding debts
• Are not involved in legal disputes
• Have no remaining liabilities or assets

Business owners can apply through ACRA to remove the company from the register.

2. Winding Up (Liquidation)

If your company still has debts, physical assets, or unresolved financial obligations, liquidation may be necessary.

There are two common types:

• Members’ Voluntary Winding Up — initiated by shareholders when the company is still solvent
• Creditors’ Voluntary Winding Up — used when the company cannot fully pay its debts

During liquidation, company assets are sold to repay creditors and recover remaining value.

Criteria	Striking Off	Winding Up
Company Has Debts	No	Usually Yes
Assets Remaining	Minimal or None	Yes
Legal Process	Simpler	More Complex
Cost	Lower	Higher
Suitable For	Dormant companies	Businesses with liabilities or inventory
Asset Disposal Needed	Usually No	Often Required

Step 2: Identify the Assets You Can Sell

Before engaging a liquidator or filing with ACRA, conduct a full asset inventory. Many business owners are surprised by how much recoverable value remains in their premises.

Common high-value assets found during business closures include:

• Scrap metal — copper wiring, aluminium frames, stainless steel equipment, mild steel structures
• E-waste — servers, desktop computers, laptops, networking cables, UPS units, printers
• Industrial machinery — CNC machines, compressors, generators, conveyor systems
• Commercial kitchen equipment — stoves, refrigerators, extraction systems (common in F&B closures)
• IT and office infrastructure — workstations, air-conditioning units, power distribution boards
• Unused inventory or raw materials — plastics, packaging materials, surplus stock

Even items that appear outdated or non-functional often carry recycling or resale value. Copper alone can fetch significant returns per kilogram depending on current commodity prices.

Pro tip: Do not discard or skip-hire anything before getting a professional assessment. What looks like waste to you may be cash in hand.

Step 3: Sell or Recycle Your Assets

Rather than paying for disposal, businesses can work with a licensed scrap and recycling company to recover cash from their assets during the wind-down process.

At Choon Sheng Hardware Trading, we work directly with businesses going through closure, helping you:

• Buy all grades of scrap metal, with competitive rates for high-value materials like copper, aluminium, and stainless steel
• Collect and recycle e-waste responsibly in compliance with Singapore’s environmental regulations
• Purchase old machinery and industrial equipment with fast on-site assessment
• Clear warehouse or factory inventory efficiently, including bulk removal
• Provide disposal certificates for corporate IT assets and e-waste — important for companies with data security and compliance obligations

Working with us during liquidation allows you to:

• Recover cash to offset closure costs or repay creditors
• Reduce or eliminate skip-hire and disposal fees
• Clear your premises efficiently ahead of lease handover
• Meet NEA and environmental compliance requirements

Step 4: Schedule Site Clearance Early

One of the most overlooked parts of company closure is physical site clearance. Delays in removing machinery, scrap materials, or inventory can slow down handover timelines for landlords and industrial properties.

Professional clearance services typically include:

• On-site assessment
• Dismantling of equipment
• Bulk scrap removal
• Transportation and logistics coordination
• Recycling and disposal support

Planning this process early can prevent operational delays and unnecessary storage costs.

Step 5: Work With an Experienced Asset Liquidation Partner

When closing a company, speed and transparency matter. Choosing the right recycling and liquidation partner can directly affect how much value you recover.

Look for a company that offers:

• Competitive scrap pricing
• Fast collection and payment
• Experience with factory and warehouse closures
• Knowledge of Singapore disposal regulations
• Proper handling of e-waste and industrial materials

Businesses in sectors such as manufacturing, construction, engineering, logistics, retail, and technology often require specialized handling during liquidation and site clearance.

Also Read: Singapore Scrap Metal Price Guide: Current Rates & Values (2026)

2026 Liquidation Checklist

Use this checklist to stay on track during your company wind-down:

Stage	Action	Done?
Legal	Decide between Striking Off or Winding Up	☐
Legal	Engage a corporate secretary or liquidator	☐
Legal	Notify ACRA, IRAS, and relevant authorities	☐
Assets	Conduct full physical asset inventory	☐
Assets	Contact scrap/recycling company for valuation	☐
Assets	Separate e-waste and IT assets for certified disposal	☐
Assets	Obtain disposal certificates for compliance	☐
Premises	Notify landlord of vacating timeline	☐
Premises	Schedule site clearance with removal company	☐
Premises	Arrange final inspection and key handover	☐
Financial	Record proceeds from asset sales for liquidator	☐
Financial	Settle outstanding GST, CPF, and payroll obligations	☐

Why Businesses Choose Choon Sheng Hardware Trading

Choon Sheng Hardware Trading has assisted many Singapore businesses with asset liquidation, scrap recycling, and industrial clearance projects.

Our team provides:

• Competitive rates for scrap metal and e-waste
• Fast response and collection services
• End-to-end warehouse and factory clearance
• Honest pricing with no hidden costs
• Reliable support during business closure processes

Whether you are shutting down a small office or clearing an industrial facility, we help simplify the physical side of company liquidation.

Also Read: 7 Tips for Selling Scrap Metal in Singapore (2026)

Get a Free Asset Liquidation Quote

If you are planning to close your company in Singapore, proper asset liquidation can help reduce losses and improve cash recovery during the winding-up process.

Contact Choon Sheng Hardware Trading today for a free assessment and quotation. Our team will help you clear unwanted inventory, recycle valuable materials, and turn unused assets into cash efficiently.

Frequently Asked Questions