With our help, you can easily dissolve your business and avert paying unnecessary fees and audit costs. That too in three easy steps.
Complete the provided form, and we will respond to all of your questions regarding dissolving a private limited company.
You receive assistance from Vakilsearch experts throughout the entire process.
You will receive documents via courier within the predetermined time frames.
Liquidation, expressed simply, is the process through which a business ends its operations. The business may opt to shut down for a number of reasons, such as an unwillingness to carry on with business as usual, insolvency, and so on. Liquidation of a company refers to the process of selling a corporation's assets to pay obligations and settle liabilities.
In the event that a business is liquidated owing to bankruptcy, the liquidator may sell the company's assets to satisfy all outstanding debts. Any money left over after paying the creditors is distributed to the company's shareholders. Liquidation of a company is a complicated process.
The board should be called to approve the dissolution of a firm | It is best to appoint an official liquidator or insolvency expert | The Income Tax Department's NOC should be requested concurrently | Before starting a winding up proceeding, a notification must be sent to the Insolvency and Bankruptcy Board of India (IBBI) within seven days after passing the resolution | The entire winding up of company process shall be finished in 12 months of the start of the liquidation of a company
There are two modes of winding up of a private limited company. As follows:
A legal organisation created in accordance with the Companies Act is a private limited company. Therefore, throughout its life cycle, a corporation must keep its regular compliances.
For a company that is not functioning and wants to avoid compliance obligations, the process of liquidation is used. Some of the reasons why companies may winding up is discussed below.
An application for the closure of a firm must be submitted to the ministry of corporate finances within three to six months. This entire process can be done online.
If a firm doesn't submit its compliances on time, it will be fined and penalised, and its directors will be barred from founding new companies. It is better to dissolve an inactive corporation in order to avoid future penalties or liabilities.
Vakilsearch will handle the entire process of liquidation to your highest level of satisfaction. You will provide us with all the paperwork. Our attorneys will keep you updated on all the processes and keep you up to date with all the information. The best part is you can start the process of liquidation in the most affordable range. All your documents are secure with us. Opt to our in-house Company secretary and chartered accountant to resolve all your queries regarding compliances. Vakilsearch is a one stop solution for all your needs.