08 June 2011
We want to winding up our company under section 484 My query is as under 1. Procedure for winding up 2. Documentation 3. How to inform in ROC 4. which form is applicable and filed with roc
1.PROCEDURE FOR CREDITOR’S VOLUNTARY WINDING UP: a. A board meeting convenes by your company’s directors to decide on the date of the EGM and creditor’s meeting. These meeting must be held within one month from the date of statutory declaration (Form 65A) b. The directors make a statutory declaration of Form 65 (statutory declaration of inability of company to continue business and that meeting of the company and its creditors have been summoned) and lodged with the CCM. c. Your company’s director shall appoint and approved liquidator to be the provisional liquidator. d. at the EGM: • A special resolution will be passed to wind up your company by the way of creditor’s voluntary winding up because of your company’s inability to continue business by its own liabilities • To nominate a liquidator for the winding up e. File Form 11 with the CCM within 7 days after passing of the resolution
f. Give notice of the resolution in local newspaper within 10 days after the passing of the resolution
g. At the creditor’s meeting: The director appointed by the board to attend the meeting shall preside and disclose to the meeting the company’s affairs and the circumstances leading up to the proposed winding up A full statement of the company’s affair together with a list of the creditors and the estimated amount of their claims must be laid before the meeting of creditors To nominate a liquidator. If the creditors and members nominated different person to act as liquidator for the winding up, then the liquidator appointed by the creditors shall be the liquidator To appoint committee inspection consisting not more than five persons. The function of a committee of inspections is to supervise the act of the liquidator.
2. PROCEDURE FOR MEMBER’S VOLUNTARY WINDING UP: 36_procedure_for_members_voluntary_winding_up.doc
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