Closing of company

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How to Close a Company

A company can be closed by adopting the following ways:-

(A) Strike off a company under Section 560 :

Section 560, of the Companies Act, 1956, deals with strike off provisions of a defunct company. Any defunct company desirous to strike off its name from the register of Registrar of company can apply in Form FTE for strike off its name from the register maintained by ROC as per Guidelines for ‘FAST TRACK EXIT MODE’ issued vide General Circular No. 36/2011 dated 7.6.2011. Similarly, ROC has also power to strike off any defunct company after satisfying himself of the need to strike off a defunct company and has reasonable cause. But before passing any order in this regard, an opportunity of being heard must be provided to the defunct company by following the due procedure u/s 560.

(B) Winding up :

Section 425, of Companies Act, 1956, deals with modes of winding up.The winding up of a company may be either -

By the Tribunal (also known as compulsory winding up)
Voluntary winding up
subject to the supervision of the Court

Voluntary Winding up : You can get a general picture from the following steps of winding up which are summarized below (except Voluntary winding up)

Issuing a written demand for debt payments to the target company.
Present a winding up petition to the court and the company
Court hearing for the petition
Granting of winding up order by the court
Meeting of creditors and other relevant parties
Appointment of liquidator.
Realization and distribution of company’s assets to the creditors
Realize of duties for liquidator
Dissolution of the company.

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