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Winding Up Company

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Filing for Winding up of Company for which compliance is upto date.

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A Company has failed to commence its business within one year from the date of incorporation.

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A Company not carrying on any business operation for a period of two immediately preceding financial years.

Winding up company registration in Madukkur

Winding up of a Company

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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Basic

₹.15899

all inclusive fees
  • Winding up Accounts Finalisation
  • Statement of Accounts Preparation
  • 1 Year Income Tax Filing
  • Winding Up Document Drafting,
    Form Preparation & Filing
  • Managing Winding Up Process

Standard

₹.19899

all inclusive fees
  • Winding up Accounts Finalisation
  • Statement of Accounts Preparation
  • 1 Year Income Tax Filing
  • Winding Up Document Drafting,
    Form Preparation & Filing
  • Managing Winding Up Process
  • GST Cancellation,
    Final Return (GSTR-10) Filing
  • DIN eKYC for one Authorised Director
  • DSC of 2 years validity for one Authorised Director

Premium

₹.25899

all inclusive fees
  • Winding up Accounts Finalisation
  • Statement of Accounts Preparation
  • 1 Year Income Tax Filing
  • Winding Up Document Drafting,
    Form Preparation & Filing
  • Managing Winding Up Process
  • GST Cancellation,
    Final Return (GSTR-10) Filing
  • DIN eKYC for one Authorised Director
  • DSC of 2 years validity for one Authorised Director
  • GST 1 year Return Filing

What documents are required for registering a propritorship in India?

Mandatory Documents -
Indemnity Bond notarized by Directors (STK 3). -
Statement of Accounts latest. -
Statement of Accounts containing assets & liabilities of the Company Audited by CA. -
Affidavit in Form STK 4 by every Company. -
Special Resolution or Consent of 75% Members.

Optional Documents (If applicable) -
Bank Account Closure Certificates. -
PAN Card of the Company.

What are the different ways in which an individual can windup a Company?

A company can be wound up in two different ways-

  • Voluntary winding up of a Company
  • Compulsory winding up of 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.
  • The Company in general meeting passes a resolution which requires a company to wind up voluntarily as a result of the expiry of the period of its duration, any as per the Articles of Association or on the occurrence of any event in respect of which the articles of association provide that the company should be dissolved.

Procedure for Voluntary winding up of a Company

  • Convene a board meeting with the Directors in which a resolution should be passed with a declaration by the directors that they have made an enquiry in the affairs of the Company and the company no debts or the Company will pay from the precedes of the assets sold in the voluntary wind up of the company.
  • Notices should be issued in writing to call for the general meeting of the Company proposing the resolutions, with a suitable explanatory statement.
  • Pass the ordinary resolution for winding up of the Company in the generally meeting by ordinary majority or special resolution by 3/4 majority. The Winding up of the Company shall commence from the date of passing the resolution.
  • A meeting of the creditors should be conducted on the same day or the next day of passing the resolution regarding winding up. If the 2/3rd value of the creditors are of the opinion that it is in interest of all parties to windup the Company, the the Company can wound up voluntarily.
  • Within 10 days of passing the resolution for company winding up , a notice for appointment of liquidator must be filed with the registrar.
  • Within 30 days of the general meeting for the winding up the certified copies of the ordinary or special resolution passed in the general meeting for the winding up of the Company.
  • The affairs of the company need to be wind up and prepare the liquidators account of the Winding up account and to get it audited.
  • Call for the final General meeting of the Company.
  • A special resolution should be passed for the disposal of the books and the papers of the company when the affairs of the company are completely wound up and it is about to be dissolved.
  • Within two weeks of the general meeting of the Company, file a copy of the accounts and file and the application to the tribunal for passing an order for the dissolution of the company.
  • The tribunal shall pass an order dissolving the company within 60 days of receiving the application.
  • The company liquidator is required to file a copy of the order with the registrar.
  • The registrar will then on receiving the copy of the order passed by the Tribunal then publish a notice in the official gazette that the Company is dissolved.

2. Compulsory winding up of a Private Limited Company

Tribunal is responsible for this kind of wind up of Companies.

Here are the reasons for the same:

  • Unpaid debts of a Company
  • When a special resolution is passed fort winding up
  • An unlawful act by a company or the management of the Company
  • If the company is involved in fraudulent acts or misconduct
  • If the annual returns or financial statements are not filed for five consecutive years with the ROC
  • The Tribunal is of the view that the company should windup.

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