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R J Saroj
Preethi
Karthik Srikanth Uday
Iliaz
Winding up ?
Process of putting an end to the life of a
company.
An liquidator will take control of company. The dissolution of the company takes place.
the register of the companies and its legal personality as a corporation comes to an end.
Modes of winding up
Winding up of a registered company.
Winding up by Tribunal 2. Voluntary winding up of a registered company. 3. Winding up subject to supervision of the court.
1. Winding up of a unregistered company
resolved that the company be wound up by the Tribunal. If company fails to commence its business within one year of its incorporation no intension to carry- tribunal power in this situation is discretionary. If the number of members is reduced below the statutory minimum . If the company is unable to pay its debts
Creditor
Contributories The registers Any person authorised by the central government
under sec243
Voluntary winding up
The company act section 484.
meeting if:(i) the period fixed for the duration of the company by the articles has expired. (ii) some event on the happening of which company is to be dissolved, has happened. b) By passing a special resolution to wind up voluntarily.
immediately preceding the date of the passing of the resolution for winding up the company and be delivered to the Registrar
liquidator and hence, the winding up proceedings are dominated by the creditors.
supervise the winding up. The liquidator appointed by the court will have same powers and obligations.
company includes any partnership, association, or company consisting of more than seven persons at the time when petition for winding up is presented.
A foreign company carrying on business in India
can be wound up as an unregistered company. Such a company can be wound up by the Tribunal but never voluntarily.
liquidator
A person appointed by the share holders or unsecured creditors, court order, to manage the winding up of a company. He takes control of the company, collects its assets, pays debts and finally distributes any surplus among the members in accordance with their rights. At the end of winding up, the company will have no Assets or liabilities.
Duties of liquidator
To submit preliminary Winding up ? report.