Winding up of a company is a process which is undertaken to wrap up the operation of the company. An inactive company can proceed for winding up a company to avoid a penalty in case of non-compliance.
Winding Up of a Company.
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About this Plan
In winding up process the life of a company comes to an end and the property of the company is administered for the benefit of its members & creditors. A liquidator is appointed for carrying the winding up the process by realizing the assets to pay off the liabilities and to distribute the surplus among the members on the basis of their existing rights. So if you are planning to cease the operations of the company then we can proceed for winding up of your company in an efficient manner considering rules & regulations prescribed by the government.
Consultation regarding Winding up
Filing of winding up application
All related secretarial compliances
Filing of necessary e-forms
Who should go for it?
If your business is not making money and it is in loss from some years then business owner has the option to proceed for winding up of a company. There are two modes of winding up of a company:
Voluntary Winding Up
Winding Up by the tribunal (Compulsory Winding Up)
In case of voluntary winding up, the petition can be filed by any of the following:
Any of the contributory or contributors
A person authorized by the Central Government
A case falling under section 271, by the central Government
Convene a board meeting
Convene general meeting
Pass the special resolution for winding up
Appointment of liquidator
Publication of notice in the Official Gazette
Advertise in a newspaper where the registered office of the company is situated
File certified copies of Special resolution within 30 days of the general meeting
Audit of liquidators account
Conduct final general meeting and
Filing of an application to the tribunal
Tribunal will pass an order of dissolution within 60 days of application
The liquidator shall file a copy of the order to the Registrar
Once the order of the tribunal is received by the registrar, notice in the official gazette shall be published by the registrar that the company is dissolved
Frequently asked Questions
Q1. Documents Required ?
Statement of accounts
Affidavit by every director of the company
Copy of the special resolution
A statement in relation to pending litigations (if any)
Q2. What is winding up of a company??
Winding up of a company is a process which takes place when the existence of an entity gets legally dissolved through liquidation. The existence of a company may end either by members' voluntary winding up, a creditors' voluntary winding up, or a compulsory winding up.
Q3. Winding up of a company is governed by which law?
Winding up of a company is governed by section 270 of the Companies Act, 2013.
Q4. What can be the reasons for winding up a company?
a.If the company has failed to commence its business operations within one year of company incorporation
b.If the company is not carrying its business operations for a period of immediately preceding two financial years
Q5. How we can help you with this?
Enterslice can help you in winding up of a company. We will initiate the process the winding up within 10 to 15 working days. The entire process will take around 2 months subject to the time taken by the government.
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