Which among the following are the types of winding up of company?

What is winding up a company?

Winding up is a synonym for closing, but usually meaning closing as the result of insolvency. So to ‘wind up’ a company means to follow legal due process for shutting it down, usually via liquidation.

What is winding up of a company and explain its modes?

”Winding up of a company is the process whereby its life is ended and its property administered for the benefit of its creditors and members. … Thus winding up is the last stage in the life of a company. It means a proceeding by which a company is dissolved.

What are the various types of voluntary winding up?

There are two types of voluntary winding-up, viz. Members’ voluntary winding-up and Creditors’ voluntary winding-up.

What are the types of members voluntary winding up?

Voluntary winding up is of two types. They are Members Voluntary winding up, and Creditors’ Voluntary Winding up.

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What is the procedure for winding up of a company?

Procedure- Winding up of a Company

  1. Petition Filed for Winding up of a Company. …
  2. Statement of Affairs of the Company. …
  3. Advertisement. …
  4. Appointment of Provisional Liquidator. …
  5. Send notice to the Provisional Liquidator. …
  6. Winding up Order. …
  7. Custody of Property. …
  8. Affairs of the company.

What are the methods available for winding up a company under the Companies Act?

1. Company in the general meeting [ in which resolution for winding up is passed] , and the creditors in their meeting, appoint liquidator. They may either agree on one liquidator, or if two names are suggested, then liquidator appointed by creditor shall act.

What are the reasons for winding up of the company?

If the 2/3rd value of the creditors are of the opinion that it is in interest of all parties to windup the Company, the the Company can wound up voluntarily. Within 10 days of passing the resolution for company winding up , a notice for appointment of liquidator must be filed with the registrar.

Which winding up of a company by an order of the is known as compulsory winding up?

In case of Compulsory winding up

The winding up of a company by the order of court is called compulsory winding up. Section 433 of the Act, 1956 envisaged the following circumstances under which the affairs of a company wound up by the Tribunal: 1.

Who can apply to wind up a company?

Under s. 124(1) IRDA, the creditor, amongst others, are entitled to present a winding-up petition. By far the vast majority of winding up applications are made by creditors seeking to enforce the payment of undisputed debts.

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Which of the following reasons would be the basis for winding up of a company by the tribunal?

In case the company does not pay the debts, the debt of the creditor exceeding Rs 1 lakhs is due and unpaid by the company within 21 days from the due date, or any execution decree is passed in favour of the creditor or tribunal has a reason that company will not pay off any debts then company would be liable for …