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How to wind-up a company part-1

Incorporation of a company is a topic everyone in the legal arena has hefty knowledge about. To make sure your organization is successful, One should not only about Incorporation but also about Winding up. Information about all the reasons for Winding up and avoiding it is also a key factor to the success of the Business. This Video provides an overview of the Winding up of the Company by the order of the Tribunal.<br><br>For more info contact us: unimarkslegal.com

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How to wind-up a company part-1

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  1. HOW TO WIND-UP A COMPANY WINDING UP PROCEDURE IN INDIA PART - 1 Unimarks

  2. Company Life Cycle Incorporation Growth Brake-Even Stage Maturity Debt Accumulation and Loss Profit Making Liquidation and Winding Up Flourish

  3. Winding Up-in a Nutshell • In a common parlance, winding up means ending the life of the business. It is basically the death of the company. • The procedure by which the affairs and management of the company’s asstes are taken from the directors, its properties managed by a liquidator, and its debts and liabilities are discharged out of the proceeds of realization and any surplus of assets remaning is returned to its members or shareholders. • In the end, the company is left without any assets and liabilities and thus the winding-up process is initiated.

  4. Winding up – under companies act, 2013 As defined under Companies Act Section 2 (94A) As defined under Insolvency and Bankruptcy Code Defines Winding Up

  5. Reasons for Winding Up • The winding-Up of a company may happen due to any of the following reasons: • The Company has accomplished the purpose for which it was incorporation. • The company has failed to carry out its main objective for which it was established. • The company has suffered irreparable loss and is gone under liquidation. • If the company is unable to pay off its debts to its creditors. • If the company has to dispose of its debts to another company. • The company has to shut down due to the order of the court or tribunal. • The company declares itself insolvent.

  6. Modes of Winding Up of a Company • Voluntary Winding Up • Modes Of Winding-Up • By the Creditors • By the Company • By Order of the Tribunal • Under Companies Act, 2013 • Under IBC, 2016

  7. Winding Up by the Tribunal – Involuntary Winding Up Companies Act, 2013 Section 2(94A) – Defines the term Winding Up Section 27 – Circumstances under which Tribunal can order for Winding Up Section 272 – How to file petition for Winding Up Section 273 – Orders Tribunal can pass for Winding up Section 274-356 – Detail procedure on Winding Upof the Company

  8. Circumstances under Which Tribunal Can Order For Winding Up By special Resolution passed by the Company. If the company is subject to fraudulent practices. If the company is declared insolvent. If the company does any act against the integrity and sovereignty of the nation. On just on equitable grounds, as the Tribunal may deem to think fit. Default in filing the financial statement for 5 consecutive years.

  9. Who can File a Petition The Tribunal ? Company Shareholders Government Registration

  10. Procedure For Winding Up of Company • Order For Winding Up • Directions By Tribunal • Examination of the Report • Submission of the Report • Commencement of the Process • Submission of Accounts and Process • Appointment of the Liquidator • Notice by Tribunal and Filing of Objection

  11. Order That The Tribunal Can Pass Against The Company Dismiss With or Without Cost Any Interim Order, As it may deem fit Appoint Provisional Liquidator Order for Winding Up with or Without Cost May Other order as it may deem fit If the petition is presented on just and equitable grounds for winding up, and the tribunal is of the opinion that alternative remedy is available, it will refuse to pass the order for winding up

  12. Difference Between Dissolution, Winding-Up and Bankruptcy Bankruptcy The order declaring a person unable to pay its debts, due and bills. Dissolution The final stage of closure of the business. The company ceases to exisit Winding Up The Process of putting and end to life of the company

  13. Take Your Time The process of winding-up of a company is not very simple, it includes within it may complexities and technicalities. Earlier there was just the Companies Act, 2013, which governed this area, however with the enactment of the Insolvency and Bankruptcy Code, 2016, it has become more difficult to apply these provisions simultaneously and to decide precedence

  14. Thank You Unimarks For Contact Us: For Quries & Services: Phone No: +91 8448440403 E-Mail: info@unimarkslegal.com Website: https://www.unimarkslegal.com

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