Assistant Professor Department of Commerce FCBS MRIIRS Faridabad Voluntary Winding Up of a Company I Modes of winding up Voluntary winding up When a company is wound up by the members or the creditors without the intervention of Tribunal it is called as voluntary winding up It may take p ID: 1029689
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1. By: Ms. Teena HassijaAssistant Professor,Department of Commerce, FCBSMRIIRS, Faridabad.Voluntary Winding Up of a Company I
2. Modes of winding up
3. Voluntary winding upWhen a company is wound up by the members or the creditors without the intervention of Tribunal, it is called as voluntary winding up. It may take place by:-1. By passing an Ordinary Resolution in the General Meeting if :- the period fixed for the duration of the company by the articles has expired; some event has happened which enforce the company is to be dissolved.2. By passing a special resolution to wind up voluntarily for any reason whatsoever
4. Conditions of Voluntary winding up 1. Declaration of solvency: made by majority directors with following conditions:Made with in 5 weeks immediately preceding the date of passing the resolution.Must contain a statement showing that winding up is bona-filde (not to defraud someone)Accompanied by a copy of the report of the auditorsAccompanied by a report of the valuation of the assets of the co. prepared by the registered valuer.2. Resolution at general meeting: with in 5 weeks of declaration of winding up,Ordinary resolution in following cases:In case of expiry of the duration of the co. (fixed by articles)In case winding up occurrence has been mentioned in the AOA.Otherwise, in every case- special resolution
5. To be cont…3. Resolution at creditors meeting: One third value of the creditors must have to be in the opinion of winding up4. Delivery of declaration and Resolutions to registrar: The co. shall have to submit a copy of resolution passed and solvency certificate with in 5 weeks of such declaration. A copy of creditors resolution with in 10 days of passing such resolution. 5.Publication of resolution: With in 14 days of passing such resolution both in the official gazette of the co. and in advertisement.