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Winding up of a Company

What Is Winding Up?

Winding up is the liquidation of Company’s assets which are collected and sold in order to pay the debts incurred. When the company winding up takes place firstly the debts, expenses and costs are paid away and distributed among the shareholders.
Once the Company is liquidated it is formally dissolved and the Company ceases to exists.


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What are the different ways in which an individual can windup a Company?

A company can be wound up in two different ways-

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1. Voluntary Winding up of a Company

The Winding up of a Company can be done voluntarily by the members of the Company, if :

  1. The company passes a special resolution for winding up the Company.
  2. The Company in general meeting passes a resolution which requires a company to wind up voluntarily as a result of the expiry of the period of its duration, any as per the Articles of Association or on the occurrence of any event in respect of which the articles of association provide that the company should be dissolved.

Procedure for Voluntary winding up of a Company

  1. Convene a board meeting with the Directors in which a resolution should be passed with a declaration by the directors that they have made an enquiry in the affairs of the Company and the company no debts or the Company will pay from the precedes of the assets sold in the voluntary wind up of the company.
  2. Notices should be issued in writing to call for the general meeting of the Company proposing the resolutions, with a suitable explanatory statement.
  3. Pass the ordinary resolution for winding up of the Company in the generally meeting by ordinary majority or special resolution by 3/4 majority. The Winding up of the Company shall commence from the date of passing the resolution.
  4. A meeting of the creditors should be conducted on the same day or the next day of passing the resolution regarding winding up. If the 2/3rd value of the creditors are of the opinion that it is in interest of all parties to windup the Company, the the Company can wound up voluntarily.
  5. Within 10 days of passing the resolution for company winding up , a notice for appointment of liquidator must be filed with the registrar.
  6. Within 30 days of the general meeting for the winding up the certified copies of the ordinary or special resolution passed in the general meeting for the winding up of the Company.
  7. The affairs of the company need to be wind up and prepare the liquidators account of the Winding up account and to get it audited.
  8. Call for the final General meeting of the Company.
  9. A special resolution should be passed for the disposal of the books and the papers of the company when the affairs of the company are completely wound up and it is about to be dissolved.
  10. Within two weeks of the general meeting of the Company, file a copy of the accounts and file and the application to the tribunal for passing an order for the dissolution of the company.
  11. The tribunal shall pass an order dissolving the company within 60 days of receiving the application.
  12. The company liquidator is required to file a copy of the order with the registrar.
  13. The registrar will then on receiving the copy of the order passed by the Tribunal then publish a notice in the official gazette that the Company is dissolved.

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2. Compulsory winding up of a Private Limited Company

Tribunal is responsible for this kind of wind up of Companies.

Here are the reasons for the same:

Procedure for compulsory winding up of a Company

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Top reasons why companies wind up

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What are the top reasons why Companies windup ?


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