A corporation must **sell all of its assets** during the winding-up process in order to pay its debts. This process, governed by the **Companies Act of 2013**, involves several critical and complex tasks:
Liquidation is a **complex legal process** that necessitates expert legal advice to be compliant with the law. It involves steps like **asset assessment**, **creditor resolutions**, and surplus distribution. In some situations, court orders might make the process more difficult. It takes specialized expertise to navigate these difficulties, emphasising the necessity for professional legal assistance to ensure accurate compliance and a seamless execution of the process.
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This occurs when the **shareholders decide to close or dissolve the company** by striking it off the companies house. This is typically initiated when the company is solvent but wishes to cease operations due to strategic or internal reasons.
This happens when the company is **forced to wind up by an unsatisfied creditor** (or by the court). The company is typically given a notice to pay debts within a 7-day period. If the case goes in favour of the creditor, the company is compelled by the court to liquidate its assets and wind up.
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