Pvt Ltd Closure Procedure

Running a business is never an easy task and sometimes, things might not go according to plan which may result in the closure of the company. There are several reasons a Pvt. Ltd. The company may shut down, like selling of the company, mandatory or voluntary closure or even a defunct company wind up. However, whatever the reason, the directors must abide by certain legal rules and regulations, as per Companies Act, 2013.

There are two ways a Pvt Ltd company can face closure.

  1. Voluntary Closure: The voluntary closure of a Pvt. Ltd. company requires a long procedure of compliance filing.  The circumstances can be anything like the passing of a special resolution signed by a majority of the shareholders or expiry of the duration for which the company was formed.
  2. 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.

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.

 

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