PVT. LTD. Company Closure

Running a business is never simple, and occasionally, things may not go as planned, leading to the closure of the firm. A Pvt. Ltd. firm may close for a number of reasons, including a corporate sale, forced or voluntary closure, or even the winding up of a failed corporation. Whatever the cause, the directors must adhere to specific legal requirements and guidelines as per the 2013 Companies Act.

There are two ways a Pvt Ltd company can face closure:-

Voluntary Closure:- A Pvt. Ltd. corporation must go through a protracted compliance filing process in order to voluntarily close. The events at issue might include anything, such as the approval of a special resolution by a majority of shareholders or the conclusion of the period for which the business was founded.

Defunct Winding-Up:- As per the Companies Act, 2013, if a company is declared as a Dormant Company, the government provides certain relief to wind up the company. This requires the filing of the STK-2 form with the Registrar of Companies.

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The procedure of Closure:-

A resolution must be passed with at least 2/3 of the directors agreeing to it

The consent of the Trade Creditors is essential

The declaration of solvency is then issued

The liquidator will then make an application to the Tribunal. A final order must be filed with the ROC

Sujata Associates is best known for handling complicated legal issues related to business like company closure. With our extensive experience of 20 years, we provide the most efficient legal services at a reasonable cost. During the Covid-19 pandemic, we are providing online services for our valuable clients. Pvt. Ltd. Company closure in Kolkata is now just a click away from you.