Winding up Company

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Winding of Company Services Starting at Just Rs.14,999/- (Inclusive of all Govt. Fees).

Winding up companies

Winding up is the process of selling all the assets of a business, paying off creditors, distributing any remaining assets to the partners or shareholders and then dissolving the business.

Voluntary Winding Up
In the case of a voluntary winding up, it is the shareholders (or partners) who trigger the process, through a resolution. The company may or may not be insolvent. If it is solvent, the reason for winding up may simply be that the shareholders feel that their objectives have been reached and that it is time to shut the company down and distribute its assets.
A subsidiary may occasionally be wound up by a company because of its diminishing prospects or minimal contribution to the parent company's bottom line. The parent company may decide to wind up such a business if efforts to find a buyer for it are unsuccessful. If the company is insolvent, the shareholders may trigger a winding up to avoid bankruptcy or, in some cases, personal liability for the company's debts.

Effect of Winding Up
Once the winding up process has begun, a company can no longer pursue its business, except in order to complete the liquidation and distribution of its assets. At the end of the process, the company will be dissolved and will effectively cease to exist.

Winding up involves the following −

Every contract of the company, including individual contracts are completed, transferred or ended. The company is no more able to do business.
Any outstanding legal disputes are settled.
All the assets of the company are sold.
Money owed to the company, if any, is collected.
Funds raised are distributed to the creditors.
Surplus funds left after all the transactions are distributed amongst shareholders.

Procedure for Winding Up of a Company

A special resolution must be passed in the company in the context of winding up and the consent of 3/4th of its members is required for the winding up to be carried out by the court.
A list of the total assets must be prepared in order to confirm that the company is no more able to pay its debts.
A list of the creditors must be prepared.
In the context of any defaults in payments, the creditors of a company are required to make a decision for filing a petition in the court of law.
Advocates must be engaged to prepare and file the petition.

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