Liquidating the company

17-Feb-2018 13:50 by 10 Comments

Liquidating the company - Livesexywebcams

Your company will need to have some money or assets that can be sold to pay the IP's fees.

In that time you could also invite your company creditors to apply to liquidate your company at their own cost.

They will look at restructuring your company to help it carry on trading.

They will also consider whether the best option is to sell assets to pay creditors, and then close your company.

The procedure for the liquidation of a company (along with limited liability partnerships and other limited liability entities) on account of insolvency (compulsory liquidation) and on account of application made for voluntary liquidation is enshrined under the Insolvency and Bankruptcy Code (leaving winding-up for other grounds under the Companies Act 2013).

A financial or operational creditor or a corporate debtor may apply to the National Company Law Tribunal for the initiation of the insolvency resolution process following the default by the corporate debtor to pay dues of at least Rs100,000.

In addition, the corporate debtor can initiate the corporate insolvency resolution process.

However, in case of failure to work out a resolution plan under the corporate insolvency resolution process prescribed under the code, the corporate debtor must be liquidated.What are the eligibility criteria for initiating liquidation procedures?Are any entities explicitly barred from initiating such procedures?Under the Insolvency and Bankruptcy Code, liquidation procedures cannot be initiated by creditors as a first resort on payment default.Instead, the code prescribes that a financial or operational creditor can initiate the corporate insolvency resolution process in case of failure by the corporate debtor to pay at least Rs100,000.As a director you can apply to the court to make a court order to wind up (make bankrupt) your company.

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