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Closing Of Public Limited Company

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About Closing Of Public Limited Company

A Public Limited Company, legally known as PLC, is a publicly held company. It is a limited company whose shares can be traded with the public. PLC can be listed or not listed in the stock exchanges. PLC requires a minimum of 3 Directors as a prerequisite.

A Public Limited Company may be closed either voluntarily by the shareholders or compulsorily by the judiciary.


The Company is unable to pay its debts

Tribunal orders the Company to be shut down or is of the opinion that the Company is equitable and must be shut down

When the Company has not filed financial statements or annual return in the preceding five consecutive years

The Company has acted against the sovereignty and integrity of the state and India, friendly relations with foreign states, public order, decency or morality

If the Company has been conducted in fraudulent manners or is guilty of fraud or misconduct

Minimum Requirements

Voluntary closing of Private Limited Company

This is possible if,

Creditors’ Voluntary Liquidation – The Company and its shareholders chose to liquidate the Company because it can’t pay debts

Members’ Voluntary Liquidation – There Company can pay its debts but the members want to close it


Frequently Asked Questions

Closure is the term used to refer to the actions necessary when it is no longer necessary or possible for a business or other organization to continue to operate. If an organization has debts that cannot be paid, it may be necessary to perform a liquidation of its assets.

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 than3 months of the winding-up notice being advertised in the Gazette.

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

Outside of their fiduciary duties, directors are not generally held personally liable for the debts, acts or omissions of a nonprofit organization. Nonprofits are typically organized as “nonprofit corporations” under state law, which are considered legal entities separate and distinct from the individuals who run them


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