Fill Your Details & Get Your Quote

Get Instant Quotation over whatsapp
9716778456

Closing Of Private Limited Company


Mylegal Route Is The Answer.


Online Closing Of Private Limited Company Starts at Rs. 17999.00 / -
(Exclusive of all Expenses) Order Now

About Closing Of Private Limited Company

Running a business comes with its own challenges. Sometimes when things do not work out a business may have to be shut down. There can be several reasons to close or wind up the company. If your business in the private limited company is not running properly or faces continuous losses, it is better to close such private limited company and look for a new beginning. A private limited company needs to be closed or windup when there are no exchanges or the Directors of company are not willing to proceed its operations. A private limited company generally can be shut by both voluntary and compulsory circumstances. Here are four ways in which a private limited company can be closed.

Sell the Company

Compulsory Winding Up

Voluntary Winding Up

Defunct Company Winding Up

Reasons

Directors’ willingness.

By cout order.

Default in holding statutory gathering or consistence with statute.

If members go underneath recommended number.

Company get Bankrupt.

Financial accounts are not submitted for 5 years.

Minimum Requirements

Atleast one year old from date of Incorporation.

There is no business Activity for one year

File a statement of Account annexed at Annexure C

>

Process

Compulsory Winding Up

Any company registered in India under the Companies Act, which did an unlawful act, fraudulent act or even if they contributed any action in some fraudulent or unlawful activities then such company would be wound up compulsorily by the Tribunal.

Petition will be filed

The petition will be filed by the following:

  • The Company or
  • The Trade Creditors of the Company or
  • Any contributory or Contributors to the company or
  • The Central or State Government or
  • By the Registrar of the Companies

Petition shall be accompanied together with the Statement of Affairs of the Company

All the documents accompanied by petition should be audited by a practicing CA and the opinion given by the Auditor on the Financial Statement must be unqualified.

Advertisement for at least 14 days
The Petition should be Advertised in a daily journal at least for 14 days and the language of the advertisement should be in the Regional language (Regional Language of the area) and in English. The Advertisement must be carried out under Form 6

Proceedings of the Tribunal

  • Form 11 will be required for the order of winding up the company.
  • Submit the complete audited books of accounts up to the date of the order.
  • Provide the date, time and place for the Company Liquidator
  • Surrender the assets and the documents of the assets.
  • If the tribunal finds the accounts are in order and all the required compliance have been satisfied, the tribunal would pass the order for dissolving the company within a period 60 days of receiving the application. After the order has been passed by the tribunal, the registrar will then issue a notice to the Official Gazette stating that such company is dissolved.

Frequently Asked Questions

Apply to strike off. To apply to strike off your limited company, you must send Companies House form DS01. The form must be signed by a majority of the company's directors. You should deal with any of the assets of the company before applying, e.g. close any bank accounts and transfer any domain names.

Defunct, in a business context, refers to the condition of a company, whether publicly traded or private, that has gone bankrupt and ceased to exist. In general, "defunct" refers to something that is no longer existing , functioning, or in use.

It takes at least 3 months for a company to be officially dissolved, but the length of time can vary considerably if the process is complex. Generally, however, a company will cease to exist no less than 3 months of the winding-up notice being advertised in the Gazette.

Liquidation is when a company's assets are extracted and used to pay off any remaining debts before that company is dissolved. Creditors' voluntary liquidation (CVL): generally appropriate in situations where you and your shareholders conclude that the company is unable to pay its debts.

Usually, if you are a director (or acting as a director), you are not personally liable for paying the company's debts. This means that if the limited company does not pay its debts and a creditor takes court action, only the company assets are at risk. However, you can be made personally liable for the following.

Testimonials

One stop for all your legal solutions. Mylegalroute offers the best services on time.Highly recommended.

One can expect the best legal advice & timely completion of the work.

Thankful to team Mylegalroute. They are like your true friend, you ask for favour & they are always for you to provide you with the best.

Commitment, transparency, timely delivery, patience etc , are the words to describe the services of Mylegalroute. They are simply the best.

When you think for corporate solutions ,you think for Mylegalroute.

Ease of doing business = Mylegalroute.

You name it,they provide it. Mylegalroute provide the best services in the market.

You can trust Mylegalroute for long venture. I have been associated with Mylegalroute for quite sometime & they have never disappointed me .They have always fulfilled their commitment.

blog