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liquidation

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(Querist)
27 May 2010 my client is having private limited company having a share c/p of Rs.2500000 on liabilities side and on asset side a loss of Rs.2254020 & other exp of rs 245980 is there as on 31/03/2010. now he want close the company. there 2 directors in comapny. i wanted to know the following points

1)what will be the frist step to liquidate
2)if company having any charge then after filling form 17 what will be the next step

3)any other things we should take care of with out geting penalty
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Rasesh

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Rasesh (Expert)
06 June 2010 There is some good news for you. If the company has not carried out operational activity since 1/4/2008, then the company may be easilly wound up under the new easy exit scheme introduced by MCA which is effective from June 1.

However, if the company is still carrying on operations, then a simple way would be voluntary winding up under Section 433.

As regards, the charge, it has to be dealt in accordance with the arragement with the lenders.
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