CLOSING PVT LTD
Closing/Winding Up a Private Limited Company
Closing / Winding up a private limited company is a necessary procedure. You would need to annually meet the requirements of the Registrar Of Companies.
Public Accountant
A public accountant would be appointed by the court as a liquidator. The powers of the directors would devolve upon this person and he would be primarily responsible for accumulating all the assets of the company and paying off its debts. The surplus would then be distributed among the members.
Documents Required
A statement of account has to be prepared, stating that there are no assets and liabilities except share capital and profit and loss debit balance. An affidavit and indemnity needs to be executed by all directors. If there is any unsecured loan, a waiver letter should be submitted.
Procedure for Closing / Winding Up –
It takes at least two to three months to complete the closure of your company, but it could take much longer, depending on the findings of the liquidator appointed.
30 Working Days
The statement of accounts must be submitted no more than a month before submission of the application. This is a declaration to the RoC that only what is submitted is to be considered and that the company has no other assets or liabilities.
25 Working Days
Within a month of the submission of the statement of accounts, the application must be submitted along with the documents mentioned above.