Winding up of company
The winding up of a company (or) windingup company Section 425, of Companies Act, 1956, deals with modes of winding up.windingup company & Company Registrations.The winding up of a company may be either –
(a) By the Tribunal (also known as compulsory winding up)
(b) Voluntary winding up
(c) subject to the supervision of the Court
Voluntary Winding up
You can get a general picture from the following steps of winding up which are summarized below (except Voluntary winding up)
a) Issuing a written demand for debt payments to the target company.
b) Present a winding up petition to the court and the company
c) Court hearing for the petition
d) Granting of winding up order by the court
e) Meeting of creditors and other relevant parties
f) Appointment of liquidator.
g) Realization and distribution of company’s assets to the creditors
h) Realize of duties for liquidator
i) Dissolution of the company.