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Company Winding up Online process

STEP 1

CALLING UP EGM FOLLOWED BY A BOARD MEETING TO PASS A SPECIAL RESOLUTION FOR STRIKING OUT OF THE NAME OF THE COMPANY.

STEP 2

CLOSURE OF ALL BANK ACCOUNTS OF COMPANY AFTER PAYMENT OF ALL STATUTORY AND GOVT. DUES TO THE RESPECTIVE DEPARTMENTS.

STEP 3

DECELERATION BY THE DIRECTORS IN FORM OF AFFIDAVIT AND INDEMNITY BOND STATING THE TIME PERIOD OF CLEARANCE OF ALL THE DUES OF THE CREDITORS AS PER THE FORMAT SPECIFIED BY ROC.

STEP 4

APPLY TO ROC FOR STRIKING OUT OF NAMES IN FORM STK - 4 WITH FEES OF RUPEES FIVE THOUSAND ALONG WITH FORM MGT 14 STATING THE RESOLUTIONS PASSED..

STRIKING OF NAME OF COMPANY FROM MCA :

COMPANY WINDING UP IS AN EASY & HASSLE FREE PROCESS IF DONE WITH SUJATA ASSOCIATES .


What is Winding up of a company ?

Company winding up can be defined as a process of selling of  the entire assets of the business , paying off creditors , distributing any remaining assets to the partners or shareholders and then dissolving the business .  Winding up can refer to such a process either for a corporation or for a partnership.

 

JUSTIFICATION FOR THE WINDING UP OF THE COMPANY –
 

1. The company is unsuccessful in meeting its  debt payment, i.e. the company has failed to fully or partly pay its debts that are due.

  1. 2. The company has been set-up  by a special resolution that should wound up;
  2. 3. It has acted against the sovereignty or integrity of Indian Government , State Security , gracious relations with other countries, courtesy, decency or public order.
  3. 4. The company has been carrying out its business affairs in a deceiving behavior.
  4. 5. It is unable to file financial statements or annual reports with the Registrar for the previous 5 years.
  5. 6. If the Tribunal thinks  that company should be wound up on rational and lucid grounds.

PROCEDURE OF WINDING OF A COMPANY -

 

  • 1. A declaration of solvency must be taken up by the directors of the company . – The first step in the process of winding up a company involves a majority of the directors make a Declaration of Solvency . Its means that  they believe the company will be capable of paying all its existing debts within the time period of 12 months. It is treated as an offence under the Corporations Act 2001 to make a false declaration of solvency. With penalties applicable .
  • 2. A special resolution must be passed by company members -  once the solvency declaration has been lodged, the company members are obliged to make a special resolution to wind up the company. One  can do this by lodging a Notification of resolution . They must also lodge Notification of appointment or termination of an external administrator (Form 505) to direct a liquidator's appointment. The DOS must be received before one lodges the Form 205 and Form 505. All members must receive a notice regarding the meeting to vote on the special resolution at least 21 days (in writing)before . During  the meeting, no less than 75% of company members must be in favour of the resolution for it to pass
3. Special resolution notice must be approved on the Published notices website – When the notice is passed, notice of the resolution should  be published on ASIC's Published notices inside the time period of 21 days.In order to publish the notice one has   to sign up to the website and pay the suitable fee .4. Winding up of company's affairs  by the Liquidator -  The winding up of the  company can only be began by the  liquidator . Once the liquidator has been appointed he must  lodge the presentation of accounts and statement (Form 524) every six months. This form needs to be lodged for the duration of the winding up process. At any point of time , if the liquidator is uner the impression that  the company will not be to able pay their debts in full, they must either: assemble a meeting of creditors or pertain to the court for the company to be wound up in bankruptcy.
  • winding up company and lodges final documents done by the liquidator  - When the liquidator has finished the process of winding up the company, they need to submit the Notification of final meeting convened by liquidators (Form 523) inside the the  time period of seven days of the company's final meeting. It ought to take an account of the winding up process  was carried out. As well as the liquidator is required to lodge a:
Presentation of accounts and statement (Form 524) and
  • Copy of proceedings of meeting (Form 5011).
  • The company will be deregistered within the time period of three months once  the Form 523 has been lodged.

A COMPANY CAN’T GO THROUGH FTE ROUTE UNDER FOLLOWING CIRCUMSTANCES:
 

An application under FTE route shall not be made if, at any time in the previous three months the company-

1. Its name has been changed or shifted its registered office from one state to another.
2. Has made a disposal for value of property or rights held by it, immediately before cesser of trade or otherwise carrying on of business, for the purpose of disposal of gain in the normal course of trading or otherwise carrying on of business;
3. Has engaged in any other activity except the for one which is mandatory or expedient for the purpose of making an application under that section, or deciding whether to do so or concluding the affairs of the company or complying with any statutory requirement;
4. Has made an application to the Tribunal for the sanctioning of a compromise or arrangement and the matter has not been finally concluded;
5. Or is being wound up under Chapter XX, whether voluntarily or by the Tribunal.

 
ADVANTAGES OF COMPANY WINDING UP DONE BY SUJATA ASSOCIATES :
 

1. End of Companies Liabilities .
When  a  company is not capable enough to operate because of increased competition or a significant change in the market it is unlikely to be able to repay its outstanding creditors. The closure of a company through Liquidation will result in any outstanding debts being written off. This leaves the directors to focus on new opportunities.
2. Comparatively low one-off cost                    
The money required for  winding up is very low. There will be an initial cost for preparing the company’s Statement of Affairs and calling the creditors meeting. However any further liquidation costs are then paid for from the sale of the company’s assets.
3. Flexibility of funds
Once a company is wounded up  there is no ongoing burden of debt repayments. Available investment funds can then be used for other business opportunities rather than used to repay debt.

4. Absence of  reformation costs
Once  a company is wounded up it is the job of Sujata Associates agents to provide after winding up services . Joblessness payments must be made from the assets of the company as well as   Any long term liabilities such as leases are cancelled by the liquidator. These costs do not have to be paid by the directors or shareholders unless personal guarantees have been given


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You require submitting lawful forms following filing of required particulars concerning panel of directors, shareholders, and operation details of additional companies.All of you who are seeking a lawful agency for trade incorporation and company conglomerate do not hesitate in contacting us. We are going to offer you worthy services.We’ve a knowledgeable and experiencedpanel that had all been operational on their personal fronts. We have been integrated to pull together all their know-how and to produceunproblematic access to the complete canvas of regulatory and tax compliances for corporations. Our platform is a blend of the objectivity, experience, and leadership of the higher-ranking Professionals organizing their spheres and the enthusiasm, firmness and fervor of the juvenile aspirants who endeavor to build up solutions.

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Online Registration Process

Registration of corporation implies to make the company activities as well as parts of operations legitimate under the identical registered corporation. There are a variety of steps as well as procedures that an individual is required complying at the time of doing the registration of the company. For all corporate houses it is being compulsory to abide by the same in the event of them wanting to make their company activities safe as well as secure. Well, for the duration of the phases of infringement in the event of a single company having already been abided by such legal regulations they are easily able to be applied with litigation/ opposition process. In the event of the company not having abided by business legal rules as well as regulation that company is unable to achieve any of the authorized benefits and instead can incur total damage.

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Registration of Company

There’re a range of rules as well as modus operandi under the business registration. As stated by the corporation’s act 1956, all companies require abiding by every one of the parts of the identical business act if they truly require carrying out business in a smooth manner sans any of the lawful discrepancy.In the section below are sessions that you require following while making an application for company registration.You require approving the name of the company under definite ROC, which is an abbreviation for registrar of companiesYou require filing all of the essential documentaries and additional docs in conjunction with memo of article and also as article of association to that very ROC.You require submitting ID proof as well as additional legal regulations to the identical concern authority.

 

The advantages or the features of a Private Limited Company

Call 943 290 9772 for Online Company Registration in India,Register A Company Online,Company Registration Process,Registration Of Company,Company Registration Company.The advantages or the features of a Private Limited Company is Non-transferability of shares, limited liability,separate legal entity,perpetual succession, minimum subscription, prospectus etc. Those features makes a Private Limited Company  most recommended type of business entity than small , medium or family owned business.

 

Sujata Associates is the most popular and well-known company  registration services in India , offering a variety of company registration like private limited company registration , one person company registration section 8 company registration, producer company registration etc. It takes to complete a registration process is about 10-15 working days. Get a free consultation on company registration and business setup in India by scheduling an appointment with a Sujataassociates advisor.

Overview of Company Registration E-forms


The ministry of Corporate Affairs took a valiant and versatile  step towards Government process Reengineering by Launching  a simplified proforma for incorporating a company electronically as a part of Companies Fourth Amendment Rules, 2016.  MCA seeks to achieve a speedy incorporation services within specified time frames. 2015 was the introduction  of e –form INC29 for incorporation  and now INC-29 shall be replaced by INC 32. And now no need to filling up a huge list of form instead of a single form which is form32, foem33and form3.


This is a time consuming process. The entire process of incorporation takes only 48 hours for approval .form 32 is the application  for company  details with PAN & TAN , which have to submit first. After that form32 and 33 for MOA and  AOA respectively  . INC32 provides more facilities than form INC 29.


The time fo Indian companies is the most appropriate to improve their e readiness index. This  is the first time when all  the companies will do this so  you may face some problem while feeling the form. Do not be worried  contact us as we are being the expert company help you to do this through specimen for filling process which will make easier your form fill up procedure. You will get a mock form fill it up and then fill the original form so you can reduced the error .Be smart make call and we will be there to solve your form fill up issue.

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