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Liquidation As per Companies act 2013

1. Company can be wind up by passing special resolution

2 company can also be wound up if it is authorized by the article on occurrence of certain events

3.where company is to be wound up it directors or majority of directors should issue an

affidavit stating reflecting the solvency condition of the company

4. Such declaration shall be made within 5 weeks immediately preceding the date of the passing resolution

5.Such declaration shall accompanied with auditors reports prepared as per concerning section

6   Notice of wing up should be sent to creditors by registered pos

7      Notice of any resolution passed at meeting of creditors shall be sent to registrar of company within 10 days after passing

8        After passing resolution for winding up, advertisement should be published in gazette & also in news paper

9.    If the assets of company may not able to pay off all the debts , then company can apply by disolution by tribunal

10    company in general meeting should appoint liquidator from the list prepared by CG

11   Creditors can change liquidators

12   Every rights of directors would be t/f to liquidator of company


Liquidation As per Companies act 1956

1   Voluntary liquidation of company can be done by special resolution or by passing resolution if AOA of company authorise the same on occurance of some specific event

2.    Within 14 days of passing resolution, company shall give advertisement in official gazette & local news paper.

3 Liquidation will begin after passing resolution

4   Majority of directors shall file an affidavit that company has no debts or company will pay debt within 3 years from date of commencement of liquidation

5. Such declaration shall be made within 5 weeks of passing resolution & shall file with registrar.

6   Such declaration shall be accompanied with auditors report I.e profit & loss A/c of the company from date of last such report upto last transaction of company

7   The company in general meeting shall appoint one or two directors & they will also fix the remuneration. Remuneration of the Liquidator cannot be increased in any circumstances

8 On the appointment of the liquidator all right of director will transfer to him.

9   Notice of appointment of directors to registrar within 10 days of appointment.Liquidator so appointed is required to call the meeting of creditors, if he thinks the assets of the company is not sufficient to pay the debt

10.   If process of liquidation is continuing for more than 1 year then he is required to call general meeting.

11. As per sec 511, proceeds received from sale of assets shall be distributed on pari passu basis  and on the basis interest in the company

12.Company act does not define the qualification of liquidator but it prohibits some person from being appointed as liquidator. Normally, a professional can be liquidator of the company.

15   Body corporate can not be appointed as liquidator of the company


ID: 331 | Views: 1367 | Date: 09-04-2015| Posted By:

CA Mohit Jain