Procedure- Winding up of a Company

1. Petition Filed for Winding up of a Company.
2. Statement of Affairs of the Company.
3. Advertisement.
4. Appointment of Provisional Liquidator.
5. Send notice to the Provisional Liquidator.
6. Winding up Order.
7. Custody of Property.
8. Affairs of the company.

How do I close a newly incorporated company?

Table of contents

1. Sell the Company.
2. Compulsory Winding Up. Filing of a petition. Statement of Affairs of the Company. Advertisement for at least 14 days. Proceedings of the Tribunal.
3. Voluntary Winding Up.
4. Defunct Company Winding Up.

Who can wind up a company?

1. Voluntary Winding up of a Company. The Winding up of a Company can be done voluntarily by the members of the Company, if : The company passes a special resolution for winding up the Company.

How do you wind up a company voluntarily?

Publication Of Resolution To Wind Up Voluntarily. The company shall within fourteen days of the passing of the resolution, give notice of the resolution by advertisement in the Official Gazette, and also in some newspaper circulating in the district where the registered office of the company is situate.

What are the types of winding up?

Types of Winding Up Voluntary Winding Up, which itself is of two kinds: Members’ Voluntary Winding Up. Creditor’s Voluntary Winding Up.

What are the grounds for compulsory winding up of a company?

Grounds for Compulsory Winding-up (Sec. 433):

• A company may be wound-up by the Court under the following cases:
• (i) Special Resolution of the Company:
• (ii) Default:
• (iii) Not commencing or suspending the Company:
• (iv) Reduction of Members:
• (v) Inability to pay Debts:
• (vi) The Just and Equitable Clause:

What are the grounds for voluntary winding up of a company?

A voluntary liquidation is a self-imposed wind-up and dissolution of a company that has been approved by its shareholders. Such a decision will happen once a company’s leadership decides that the company has no reason to continue operating. It is not ordered by a court (not compulsory).

Where can I get advice on winding up my company?

You can get advice from your local Citizens Advice Bureau, a solicitor, a qualified accountant, an authorised insolvency practitioner, any reputable financial adviser or a debt advice centre. What are the alternatives to liquidation? There are 3 possibilities:

What are the requirements for winding up a company?

The only activities which the company is permitted to have been engaged is the winding up of the company and complying with any statutory requirements. The ‘striking off application by a company’ Form DS01 must be completed by all, or the majority, of the directors and sent to Companies House with a fee of £10.

Do you need special resolution to wind up company?

 for voluntary winding up; and  appointing one or more liquidators of the company. The shareholders must pass a special resolution for winding up, unless: the company resolves that it cannot continue its business because of its liabilities, when an extraordinary resolution is required; or

What happens when you wind up a corporation?

Corporate Windups. Winding up a corporation through corporate dissolution creates a deemed dividend for its shareholders. This also applies if the company was struck from the corporate registry. If done properly, you can eliminate or at least defer tax.