Procedure for company name change. The change in name entails change in the Memorandum and articles of association of company.
Winding up Company Services in Purnea, Bihar
When the company is not able to pay its debts, the company itself, the financial creditor, or the operational creditor can file an application under IBC for winding up of the company. Further, in the case of non-operating or dormant companies, the provisions of the Companies Act will be followed which is cheaper in cost with less formalities. The winding-up of a company is characterized as a procedure by which the life of a company is conveyed to an end and its property directed for the advantage of its individuals and creditors. Avyud Consultancy assists in the winding up of the Company.
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Company Winding Up Proceeding
The winding up or liquidation of a company is the process by which a company’s assets are collected and sold in order to pay its debts. Any monies remaining after all debts, expenses and costs have been paid off are distributed amongst the shareholders of the company. When the winding up has been completed, the company is formally dissolved and it ceases to exist.
Compulsory Winding Up
There are certain grounds upon which a company can be wound up compulsorily. A company’s inability to pay its debts is a common ground for presenting an originating summons for compulsory winding up. A company is deemed to be unable to pay its debts if:
- A creditor having a claim against the company for more than S$10,000.00 has served a written demand requiring payment, and the debt is not paid within 3 weeks;
- It is proved to the Court’s satisfaction that the company is unable to pay its debts.
- Execution of a judgment obtained by a creditor against a company remains unsatisfied in part or in whole
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What is Winding Up of a Company?
A company is liquidated when its corporate existence is legally dissolved through a formal process commonly called liquidation. Different types of winding up such as voluntary winding up of members, voluntary winding up of creditors, or compulsory court winding up/liquidation.
What is Voluntary Winding Up?
Once it is determined that a company needs to be wound up, there are a number of relationships and obligations that must be terminated, these are usually initiated by the directors of the company, this is a voluntary winding up. Whether the company is solvent or insolvent, obligations to customers, suppliers and employees must be eliminated. All the affairs of the company are put in order before closing.
What is a Winding Up Petition?
A closure petition is different from a voluntary winding up in that it is a forced process when money is owed to someone. A winding-up petition is presented in court by a creditor of a company that has failed to collect the debts that are owed to them. If this petition is allowed by the court, the company will be investigated and liquidated by the official receiver. The Official Receiver will make it their business to conduct a very thorough investigation as to whether there has been any mishandling or malpractice. It should not be confused with the term ‘winding up’, which is used by many to refer to the closure of their business or business.
Who is a Liquidator?
A liquidator is a person who is appointed to close the affairs of the company. Their main functions are to dispose of the company’s assets, pay or settle its debts, and distribute any surplus to its members. When a company is in liquidation, the liquidator usually takes over the powers of the directors.
How the Service of Petition is Served?
- Every subscriber shall be entitled to receive a copy of the petition
- Within 24 hours of demand
When Can a Creditor NOT Vote?
- A creditor cannot vote in respect of any uncollected damages whose value is not ascertained.
- In respect of any debt secured by a present bill of exchange or promissory note held by him.
Our Other Services in Purnea, Bihar
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