Opening any company and leading it is quite easy. But when the time comes to close the company or organization due to any particular reason, it becomes hard to handle. It is frustrating. We’re there to help you out.
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Frequently asked questions.
Closure of the company is done voluntarily and is done through the fast track exit scheme. 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.
Meaning Winding up is one of the method by which dissolution of a company is brought about. Dissolution is the end result of winding up. Existence of Company Legal entity of the company continues at the commencement of the winding up. Dissolution brings about an end to the legal entity of the company.
After a company is dissolved, it must liquidate its assets. Thus, you can't liquidate assets that are used as collateral for loans. Assets used as security for loans must be given to the bank or creditor that extended the loan, or you must pay off the loan before selling such assets.
It says that after the dissolution of the firm, all the partners or his representative are entitled to the property of the firm as applied in the payment of debts and liabilities of the firm and the surplus to be distributed among all the partners of the firm.