Liquidating the company
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They will look at restructuring your company to help it carry on trading.
You can see more about compulsory liquidation at uk.
The way you close your limited company will depend on the amount of assets your company has.
As a director, you can employ the services of an insolvency practitioner (IP) to close your business.
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.
You can see more about creditors' voluntary liquidation at uk.
You can consider this option if your company does not have enough money to employ an IP.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.What are the eligibility criteria for initiating liquidation procedures?Are any entities explicitly barred from initiating such procedures?What are the primary procedures used to liquidate an insolvent company in your jurisdiction and what are the key features and requirements of each?