Closing the Pvt. Ltd. Company
Register your LLP to get double benefits of Partnership firm as well as Limited Liability
Benefits of Closing the Pvt. Ltd. Company
- The company officials become Free from debts after liquidation
- If the resolution is passed voluntarily the other party avoides taking legal action against the company
- Comparingly low cost are charged for liquidation
- All lease agreements will be canceled during liquidation process
- Creditors are benefited from liquidation process
LIQUIDATION OF A COMPANY
In simple words liquidation is process by which a company is bought to end or shutting down its activity. The company can shut down due to varieties of reasons .Liquidation also refers to the process of selling of company’s asset . The company sell there assets to repay liabilities or to meet obligations.
Checklist for liquidation
Our professionals will help you with every step of the private limited company registration process.
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Board meetings should meet for the approval of closing a company
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The appointment of an official professional should be done
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Meanwhile NOC should be obtained from the Income Tax Department
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Before initiating the process, a notice should be conveyed to the Insolvency and Bankruptcy Board of India (IBBI)
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An announcement should be made to the public as well within 14 days of passing the resolution in one English newspaper and one local newspaper
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The whole liquidation process should be completed within 12 months from the starting .
Winding up process of a Private Limited Company
Winding up of a private limited company is of 2 types .They are:
Voluntary wind up: Due to insufficient financial funds or the inability to clear debts, a company can be wound up. The company requires a notice from the directors to sell off all assets of the company or to transfer
Compulsory wind up: This can be executed on the order of a tribunal or a court by passing a special resolution or if any official of the company files a petition to a court of the company being indulged in any unlawful activities, it must be wound up
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