Download - Liquidation of company
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LIQUIDATION OF COMPANY
Prepared by –Vijay Somase
Under The Guidance Of-Mahale .S. Sir
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LIQUIDATION
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COMPULSORY WINDING UP
VOLUNTARY WINDING UP
WINDING UP SUBJECT TO SUPERVISION OF COURT
MODES OF WINDING UP
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COMPULSORY WINDING UP Passing of special resolution for the winding up
Holding statutory meeting
Failure to commence business
Reduction in membership
Inability to pay debts
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VOLUNTARY WINDING UP Ordinary
resolution Special
resolution
Members voluntary
winding up
Creditors voluntary
winding up
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MEMBERS VOLUNTARY WINDING UP • Falling of special resolution
• Appointment of liquidator
• End of right of directors
• General meeting every year
• Final meeting
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CREDITORS VOLUNTARY WINDING UP Meeting of creditors
Appointment of liquidator
Inspection committee
Meeting of members and creditors
Final meeting
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WINDING UP SUBJECT TO SUPERVISION OF COURT
Fraud in company
Harmful product of company
Inability to pay debts & etc
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PRIORITY OR ORDER OF PAYMENT
1.Legal charges
2.Liquidators remuneration
3.Liquidation expenses
4.Preferential creditors
5.Debentures holders
6.Unsecured creditors
7.Preference shareholders
8.Equity shareholders
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THANK YOU