Affidavit Of Business Closure Template for Malaysia

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Key Requirements PROMPT example:

Affidavit Of Business Closure

"I need an Affidavit of Business Closure for my retail clothing store in Kuala Lumpur, which will cease operations on March 15, 2025, due to my retirement; the business has 5 employees and no outstanding debts."

Document background

An Affidavit of Business Closure is a crucial legal document required in Malaysia when formally closing down a business operation. This document is typically prepared when a business ceases operations and needs to provide formal notification to authorities and stakeholders. It must comply with the Statutory Declarations Act 1960 and other relevant Malaysian business legislation. The affidavit serves multiple purposes: it provides official notice of business termination, confirms the settlement of business obligations, declares the status of assets and liabilities, and helps protect the business owner from future claims. This document is particularly important for maintaining proper records with the Companies Commission of Malaysia (SSM) and other regulatory bodies.

Suggested Sections

1. Title and Introduction: Formal title of the affidavit and statutory declaration opening statement

2. Deponent Information: Full name, NRIC/passport number, and address of the person making the affidavit

3. Business Details: Complete business name, registration number, business address, and type of business entity

4. Authority Statement: Declaration of the deponent's position and authority to make the affidavit

5. Closure Declaration: Formal statement declaring the business closure, including the effective date

6. Reason for Closure: Statement explaining the primary reasons for closing the business

7. Settlement of Obligations: Declaration regarding the status of business debts, liabilities, and obligations

8. Verification Statement: Standard affirmation of the truth of the statements made

9. Execution Block: Space for signature, date, and commissioner for oaths certification

Optional Sections

1. Employee Statement: Declaration regarding the status of employees and settlement of employment-related obligations - required if the business had employees

2. Tax Compliance Statement: Declaration regarding the status of tax filings and payments - recommended for businesses with significant tax obligations

3. Asset Disposition: Statement regarding the disposal or transfer of business assets - needed for businesses with significant assets

4. Outstanding Contracts: Declaration regarding the status of business contracts and their termination - required if there are ongoing contracts

5. Shareholder Resolution: Reference to shareholder approval for closure - required for companies with multiple shareholders

Suggested Schedules

1. Business Registration Certificate: Copy of the original business registration certificate

2. Closure Notice: Copy of any official notice of closure filed with relevant authorities

3. Tax Clearance: Evidence of tax clearance or final tax returns

4. Employee Settlements: Documentation of employee termination and settlement of dues

5. Bank Account Closure: Evidence of closure of business bank accounts

6. Publication Notice: Copy of any public notice of business closure if required

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co

Relevant legal definitions

Clauses

Identification
Authority
Declaration
Business Details
Closure Statement
Asset Declaration
Liability Statement
Tax Compliance
Employee Settlement
Creditor Status
Debtor Status
Regulatory Compliance
Record Retention
Bank Account Status
Property Disposal
Insurance Termination
Verification
Attestation

Relevant Industries

Retail

Manufacturing

Services

Technology

Construction

Food and Beverage

Healthcare

Education

Professional Services

Transportation

Agriculture

Real Estate

Relevant Teams

Legal

Finance

Human Resources

Compliance

Tax

Operations

Administrative

Corporate Secretarial

Relevant Roles

Business Owner

Managing Director

Company Secretary

Chief Financial Officer

Legal Counsel

Human Resources Manager

Accountant

Tax Manager

Compliance Officer

Operations Manager

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Let's create your Affidavit Of Business Closure

Authors

Alex Denne

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