LIQUIDATION OF COMPANY

Prepared by –Vijay Somase

Under The Guidance Of-Mahale .S. Sir

LIQUIDATION

COMPULSORY WINDING UP

VOLUNTARY WINDING UP

WINDING UP SUBJECT TO SUPERVISION OF COURT

MODES OF WINDING UP

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

VOLUNTARY WINDING UP Ordinary

resolution Special

resolution

Members voluntary

winding up

Creditors voluntary

winding up

MEMBERS VOLUNTARY WINDING UP • Falling of special resolution

• Appointment of liquidator

• End of right of directors

• General meeting every year

• Final meeting

CREDITORS VOLUNTARY WINDING UP Meeting of creditors

Appointment of liquidator

Inspection committee

Meeting of members and creditors

Final meeting

WINDING UP SUBJECT TO SUPERVISION OF COURT

Fraud in company

Harmful product of company

Inability to pay debts & etc

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

THANK YOU