Company Winding Up

Company Winding-up is the process of liquidation of the company’s assets. All the assets are realized and sold in order to pay the company’s debts. All its property is administrated, assets are realized, debts are paid and the surplus is distributed among the creditors as per Companies Act, 2013.

It’s an extensive legal process that requires professional legal help. However, due to court order, a company can be forced to wind up which is also a very complicated legal issue.

There are two types of winding up,

  1. Voluntary Winding-up: When the shareholders decide to close or dissolve the company by striking it off the companies house.
  2. Compulsory Winding-up: When forced to wound-up the company by an unsatisfied creditor. The company is given the notice to pay debts within a 7 day period. If the case goes in favor of the creditor, the company is forced by the court to liquidate its assets and wind up.

The world is facing a real crisis now while dealing with the Covid-19 pandemic. During this time, legal issues will be an additional hassle for the owners. However, you can rest assured. Sujata Associates has a dedicated team of professionals who can deal with your business legalities even during this pandemic. Our simple, easy, and budget-friendly online services are available 24/7. Company Winding-up in Kolkata is now just a click away.

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