LEGAL SAHEB BUSINESS SOLUTIONS PVT. LTD.
Closure Of Private Company
Transparent Pricing. No Hidden Fees.
Price available on request…
Closure Of Private Company:
- The provisions of voluntary winding up are now governed by the insolvency and bankruptcy code, 2016 (IBC) and not the companies act, 2013. Section 59 of IBC deals with the voluntary liquidation of corporate persons. ‘Corporate persons’ means a company as defined under the companies act and LLPs.
Eligibility for Voluntary Liquidation:
- As per section 59 (1) of IBC any corporate person who intends to liquidate himself voluntarily and has not committed any default may initiate voluntary liquidation proceedings under the provisions of this chapter. So, any company or LLP that has not defaulted in payment and has a full capacity to repay debt can apply for voluntary liquidation.
Process of Voluntary Liquidation:
- Declaration of solvency
- Shareholders’ / members’ approval
- Creditors’ assent
- Notify ROC and IBBI
- Voluntary liquidation commencement date
Timeline:
- The entire process takes around 4-5 months subject to the discretion of ROC, IBBI, and NCLT. Since the procedure is new for these departments, it is difficult to commit exact time period. The timeline mentioned is based purely on market practices and differs from case to case.
- Legal Saheb will help you with all the formalities and documentations required for voluntarily winding up your company. Fill up the form or simply send us a WhatsApp message and our team will be happy to assist you with all the formalities.