Winding up of Company (Voluntary)

Need to close your business?
₹ 24,999

About This PlanAbout This Plan

Events like heavy losses, inability in meeting financial obligations etc make it difficult for businesses to sustain for long. A business running as a private limited company can be brought to an end by following voluntary winding up procedure initiated by members or by creditors. If your business too is not running well and you wish to divert the funds to some other promising venture and start afresh, close your company with ClearTax.

Services Covered

  • Voluntary Winding up (upto 2 directors)
  • Conduct Board Meeting to pass resolution for declaration of solvency, appointment of liquidator, approval of draft resolution for winding up and fixing date of EGM.
  • Issue Notice for Extraordinary General Meeting of the Shareholders
  • Conduct Extraordinary General Meeting of the Shareholders to pass special resolutions for Windup
  • File declaration of Solvency together with supporting documents with ROC
  • File MGT14 together with certified copies of the special resolution passed in the Extraordinary General Meeting for winding up of the company.
  • Intimate appointment of Liquidator to ROC
  • Public notice in atleast one leading English newspaper and atleast one vernacular language newspaper, both having wide circulation in the State in which the registered office is situated, regarding passing of the resolution of the winding up of the company.
  • Wind up company affairs and prepare final accounts by liquidator , get them audited
  • File a copy of the audited accounts together with returns with ROC as well as with the Official Liquidator
  • File Special resolution dealing with disposal and custody of books of account and papers with Registrar of Companies.
  • Relevant Secretarial services like submission of forms

Who Should Buy

  • Private Limited Company
  • One Person Company
  • Section 8 Company

How It's DoneHow It's Done

  • Purchase of Plan
  • Expert Assigned
  • Preparation of winding up Documents
  • Filing with ROC
30 days estimate

Information GuideInformation Guide

Documents To Be Submitted

FAQsFAQs

  • What is Winding up of company?

    Winding up of a company is the stage, where by the company takes its last breath. It is a process by which business of the company is wound up, and the company ceases to exist anymore. All the assets of the company are sold, and the proceedings collected are used to discharge the liabilities on a priority basis

  • What are the different modes of winding up a company?

    There are three ways, in which a company may be wound up:-

    • Winding up by the court
    • Voluntary Winding up a. Members Voluntary Winding Up b. Creditors Voluntary Winding Up
    • Winding up subject to supervision of the court
  • What are the circumstances in which company may be wound up voluntarily?

    Below are the circumstances in which the company may be wound up a) When the period fixed for the duration of the company in its articles has expired b) When an event on the happening of which the company is to be dissolved as per its articles happen c) The company resolves by special resolution at any general meeting to be voluntary winding up

  • What is the difference between Closure, Winding up, Dissolution of Company?

    a) Dissolution is initiated by the court for ending the legal existence of the company b) Winding up of the company may be voluntary or by the order of the court by appointing an official liquidator to monitor the process of winding up c) Closure of the company is done voluntarily and is done through the fast track exit scheme

  • Which authority takes care of winding up proceedings?

    Under the Companies Act, 2013 - the application shall be filed before the tribunal. Tribunal refers National Company Law Tribunal constituted u/s 408 of the said Act

  • I am a member of a Co-operative Societies Act? Are the winding up provisions relevant to the society?

    Yes. Section 42 of the Co-operative Societies Act, 1912 deals with winding up provisions

  • My company is a financial service provider within the meaning of the Bankruptcy Code, and wishes to go ahead with voluntary winding up after a few months. Should i follow the provisions of the Bankruptcy Code, once these are enforced?

    No. The provisions of the Code apply to corporate persons. The term corporate persons as defined u/s 3(7) of the code excludes financial service provider from its ambit. Therefore, financial service providers cannot file for voluntary winding up applications under the code

  • Which company is eligible to apply for closure of company?

    Any company which is not a Sec 8 company and has been inoperative for more than 1 year from the date of its incorporation can apply for closure of company under FTE Scheme

  • What is Fast Track Exit (FTE) scheme?

    FTE is a company closure scheme initiated by MCA for easy and faster closure of company

  • What is the government fee involved in closing a company under FTE scheme?

    The filing fees for Form FTE is Rs. 5000

  • Who shall i file a voluntary winding up petition with - High Court or NCLT?

    Since voluntary winding up provisions under the code are yet to be notified, the applications shall be filed in accordance with the provisions of the Act, 1956 i.e before the High Court

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  • About This PlanAbout This Plan

    Events like heavy losses, inability in meeting financial obligations etc make it difficult for businesses to sustain for long. A business running as a private limited company can be brought to an end by following voluntary winding up procedure initiated by members or by creditors. If your business too is not running well and you wish to divert the funds to some other promising venture and start afresh, close your company with ClearTax.

    Services Covered

    • Voluntary Winding up (upto 2 directors)
    • Conduct Board Meeting to pass resolution for declaration of solvency, appointment of liquidator, approval of draft resolution for winding up and fixing date of EGM.
    • Issue Notice for Extraordinary General Meeting of the Shareholders
    • Conduct Extraordinary General Meeting of the Shareholders to pass special resolutions for Windup
    • File declaration of Solvency together with supporting documents with ROC
    • File MGT14 together with certified copies of the special resolution passed in the Extraordinary General Meeting for winding up of the company.
    • Intimate appointment of Liquidator to ROC
    • Public notice in atleast one leading English newspaper and atleast one vernacular language newspaper, both having wide circulation in the State in which the registered office is situated, regarding passing of the resolution of the winding up of the company.
    • Wind up company affairs and prepare final accounts by liquidator , get them audited
    • File a copy of the audited accounts together with returns with ROC as well as with the Official Liquidator
    • File Special resolution dealing with disposal and custody of books of account and papers with Registrar of Companies.
    • Relevant Secretarial services like submission of forms

    Who Should Buy

    • Private Limited Company
    • One Person Company
    • Section 8 Company
  • How It's DoneHow It's Done

    • Purchase of Plan
    • Expert Assigned
    • Preparation of winding up Documents
    • Filing with ROC
    30 days estimate
  • Information GuideInformation Guide

    Documents To Be Submitted

  • FAQsFAQs

    • What is Winding up of company?

      Winding up of a company is the stage, where by the company takes its last breath. It is a process by which business of the company is wound up, and the company ceases to exist anymore. All the assets of the company are sold, and the proceedings collected are used to discharge the liabilities on a priority basis

    • What are the different modes of winding up a company?

      There are three ways, in which a company may be wound up:-

      • Winding up by the court
      • Voluntary Winding up a. Members Voluntary Winding Up b. Creditors Voluntary Winding Up
      • Winding up subject to supervision of the court
    • What are the circumstances in which company may be wound up voluntarily?

      Below are the circumstances in which the company may be wound up a) When the period fixed for the duration of the company in its articles has expired b) When an event on the happening of which the company is to be dissolved as per its articles happen c) The company resolves by special resolution at any general meeting to be voluntary winding up

    • What is the difference between Closure, Winding up, Dissolution of Company?

      a) Dissolution is initiated by the court for ending the legal existence of the company b) Winding up of the company may be voluntary or by the order of the court by appointing an official liquidator to monitor the process of winding up c) Closure of the company is done voluntarily and is done through the fast track exit scheme

    • Which authority takes care of winding up proceedings?

      Under the Companies Act, 2013 - the application shall be filed before the tribunal. Tribunal refers National Company Law Tribunal constituted u/s 408 of the said Act

    • I am a member of a Co-operative Societies Act? Are the winding up provisions relevant to the society?

      Yes. Section 42 of the Co-operative Societies Act, 1912 deals with winding up provisions

    • My company is a financial service provider within the meaning of the Bankruptcy Code, and wishes to go ahead with voluntary winding up after a few months. Should i follow the provisions of the Bankruptcy Code, once these are enforced?

      No. The provisions of the Code apply to corporate persons. The term corporate persons as defined u/s 3(7) of the code excludes financial service provider from its ambit. Therefore, financial service providers cannot file for voluntary winding up applications under the code

    • Which company is eligible to apply for closure of company?

      Any company which is not a Sec 8 company and has been inoperative for more than 1 year from the date of its incorporation can apply for closure of company under FTE Scheme

    • What is Fast Track Exit (FTE) scheme?

      FTE is a company closure scheme initiated by MCA for easy and faster closure of company

    • What is the government fee involved in closing a company under FTE scheme?

      The filing fees for Form FTE is Rs. 5000

    • Who shall i file a voluntary winding up petition with - High Court or NCLT?

      Since voluntary winding up provisions under the code are yet to be notified, the applications shall be filed in accordance with the provisions of the Act, 1956 i.e before the High Court

  • ReviewsReviews

    Reviews

    No reviews yet. Be the first to write a review.
    No reviews yet. Be the first to write a review.
    Hi. Thank you for stopping by.

    How do you rate our service?

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