Tuesday, July 19, 2011

Damm why doesn’t it just die itself

I have been feeling very frustrated recently, to the point that I do not want to talk to my parents.
Besides this live company Inno, there is another dormant company ASE which has been giving me many headaches recently.

In mid-April, there was an email sent by ACRA to file its annual return by end April. When I checked it, it has not filed for 3 years since 2008.
So what the heck, I went to find out who its Accounts are, and from the last Audit report, the Auditor told me that they are only the Auditor, they are not the secretary nor the Accountant. They just brush me aside and say that just get an accountant next to ACRA to do it in International Plaza.

Later on when I called ACRA, they told me I have to file for 3 years and using XBL(?) system.
Ok then, when I looked at the reports, there is actually not much transactions (mainly FD interest). So I tried to do it myself using excel.

After awhile, I called ACRA again. This time the officer advised me that for every year I filed, I will get a penalty, so why not get it striked off ?
I discuss with my father, and told him to make a offer to AZJPN as we have already inform him of our intentions 1 year ago. The poor market and business sustaining losses since the start of the decade 2004 as more and more companies shift their base to China. Luckily within 1 month they accepted the offer.

I already had the experience of using Inno for the forms for the Transfer of Shares, so I retyped out the paper documents and got all Directors to sign (including my Uncle and Ishi (had to go all the way to Tuas). The difference is one is transfer of shares person & the other a company entity, also the company address is different, therefore I had to rewrite some of the documents to include a company chop, and certify that the company address had changed.

After this I sent the transfer forms to AZJPN by registered mail. In 2-3 weeks I receive them back with the signature and company chop.

So I proceeded to transfer the shares (as my Dad is the secretary) and when to IRAS website to get the e-stamp (Stamp duty).

My father meanwhile had wanted to hold the bank account as there was significant amount of A/R not received yet. However all these A/R were dated 2004 and earlier. I was v angry with my Dad. Here I am trying to clean up all the mess, yet he is still persistent trying to make things difficult as it is. I told me, if this was so important, he should have done it much earlier since 2004/2005. He wanted to get a lawyer to draft a letter to this customers. However first this will impact current business, secondly the accounts may already be paid back (from my experience of Inno where many accounts were not clean), thirdly it is going to be hard to get to get back the money after so long. I convince him that no way am I going to handle his already, I am already stretched to the limit !

Next I went to the bank to withdraw all cash/FD in my Father’s name. Now to close the account, it requires another signature from 2 directors. So I had to go to Bukit Timah to get my Uncle’s signature again, and to the bank another time to get it done.

Finally at end June, I applied for strike off. I thought I had settled another thing but 5 days later, the officer told me to account for all Ass&Lia disposal.

What the heck ! Now I have to hunt who the Accountant is / search through tons of paper to find all of these, and to make it worse even if we write off the Assets (taking a significant losses), we still had to account for the Liabilites.