Winding up is a process by which the life of a Limited company comes to an end and its property administered for the benefit and transfer to its members and creditors. An administrator, who is generally called the liquidator, is appointed to take control of the company winding up proceeding till all the assets and liabilities are disposed, He collects its assets, pays liabilities and at the end distributes the surplus (if any) among the members in accordance with their share held ratio.
At the end of procedure, the company will not retain any assets or liabilities. On completion of dissolution process, the company's name is struck off from the register of the companies bringing end to legal personality of the company.
The procedure for winding up may differ depending upon whether the company is registered or unregistered. A company incorporated under the Companies Act, 1956 is known as a registered company.
Various type of Voluntary Winding Up of a Registered Company:- When dissolution of company in initiated by its directors or members it is know as Voluntary winding up. Procedure may include following steps:-
Note: - Within 14 days of passing the resolution, whether ordinary or special, it must be advertised in the Official Gazette and also in some important newspaper circulating in the district of the registered office of the company.
3) Members' voluntary winding up :-It is possible in the case of solvent companies which are capable of paying their liabilities in full. There are two conditions for such winding up:-
The provisions applicable to members' voluntary winding up are as follows:-
4) Creditor's voluntary winding up
It is possible in the case of insolvent companies. It requires the holding of meetings of creditors besides those of the member’s right from the beginning of the process of voluntary winding up. It is the creditors who get the right to appoint liquidator and hence, the winding up proceedings are dominated by the creditors.
The provisions applicable to creditors' voluntary winding up are as follows:-
Why to choose AKT Associates for winding up your private limited company
Expertise-That counts:- Winding up a Private limited company can be a tedious and time consuming activity, It is recommended to should seek some advisory before proceeding for winding up. Our expert advice and assistance can speed up the process, reduce the cost and give you complete peace of mind.
Experience- That Matters:-At AKT associates we have been our client’s obvious choice since more than 20 years. For serving you with the best results we use our experience of decades which has exposed us with deep of all such matters.
Efficiency-That reflects in everything: - With a strong team, which comprises of experts with qualification like CA, CS, MBA & LLB and they will all available to give wholesome result, with dedicated customer service team and support staff. We are always there to execute your work efficiently and suggest you about the best possible options available with you.
Cost- That saves a Lot:-We touch the top position not just because we are the best in what we do but also because we know the value of your time and money. We know the value of your time so all the work by AKT Associates is performed on time and at around 70% less cost in comparison to all the other leading firms of the market that too without compromising on the quality aspect.
Conveniences-That says a Lot: - The services of the firm are performed and delivered by using the cutting edge technology which makes the AKT Associates always available & deliver services right there on demand. So it doesn’t matter where you are, our expert services are always at your finger tips.
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