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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.
Winding up is the legal mechanism to shut down a company and cease all the activites that re carried on. After the Company winding up the existence of the Company comes to an end and the assets are monitored so that the stakeholders interest is niot hampered.
A Private Limited Company is an artificial judicial person and requires various compliances if the company fails to maintain these compliances there are fines and penalties or even disqualification of the Directors from further incorporating a Company. It is always a better to wind up a company that has become inactive or where there are no transaction.
The shareholders of the Company can initiate the winding up of the company anytime. If there are secured or unsecured creditors or employees on roll then all the dues need to be settled. After settling the dues it is necessary to close all the Compamny bank accounts. The GST registration must also be surrendered in case of Company wind up. Once all the registration are surrendered the winding up application petition can filed with the Ministry of corporate affairs.
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Winding up of a private limited company can be done in 2 different ways. They are:
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The liquidation strategy refers to liquidating the assets of a company before winding up operations. By initiating the liquidation process, the company may sell its assets to meet obligations and repay liabilities.
The liquidation marks the end of business operations by a company and this may lead to the unavoidable loss of jobs for the employees. However, the company administration may look to restructure the organization and save some (or all) of the jobs in the process. However, the employees will have the right to claim dues owed to them by the company.
After a company is liquidated, the liquidator can sell its assets to repay all pending liabilities. The remaining balance, if any, after repayment to the creditors, gets distributed among the shareholders of the company.
No, you cannot liquidate your own company. Only the shareholders of a company can put it into voluntary liquidation. Then, a licensed insolvency practitioner will be appointed as a liquidator and only they can start the liquidation process.
Usually, directors are not personally liable for company debts. Therefore, if the company fails to pay off its debts and the creditors move court, only the company's assets are liquidated and not the personal assets of the directors.
When a company is dissolved and gets liquidated, the name is struck off from the company register. The name can be made available for other companies for future use.
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