Things to know on Closing Private Limited Company

    Winding up of a company is the stage, where by the company takes its last breath.

    It is a process by which business of the company is wound up, and the company ceases to exist anymore.

    All the assets of the company are sold, and the proceedings collected are used to discharge the liabilities on a priority basis.

    The winding up of a company may be either:

  1. by the Tribunal/ Strike off a company under Section 560:
  2. voluntary winding up:
    1. Members Voluntary winding up.
    2. Creditors Voluntary winding up.
  3. subject to the supervision of the Court.

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