What are the modes of winding up and causes?
A. Compulsory Winding-Up:
- A company may be wound-up by the Court under the following cases:
- (i) Special Resolution of the Company:
- (ii) Default:
- (iii) Not commencing or suspending the Company:
- (iv) Reduction of Members:
- (v) Inability to pay Debts:
- (vi) The Just and Equitable Clause:
- i.e., Who can apply for Winding-up? (
How many modes are there for winding up the company under Company Act 2013?
The winding-up of a Company can be carried in two modes, as provided under S. 270 of the Companies Act, 2013.
What is liquidation and state the different modes of winding up?
Liquidation of company happens when company gets insolvent and is dissolved by legal procedure . In simple words, its liabilities are more than its assets. During liquidation, shareholders and creditors gets assets. … Liquidation may be either compulsory or Voluntary.
What do you mean by winding up explain the various modes of winding up?
MEANING: Winding up is the process of closing down the legal existence of a company or limited liability partnership. During this process, the assets of the company are realized and liabilities and debts are paid off and also the surplus is distributed among the shareholders.
What is winding up of a company and 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.
Which section deals with modes of winding up as per Companies Act, 2013?
Section 271(1)(a) of the Companies Act, 2013, dealt with the winding up of the Tribunal if the company fails to pay its debts, but this sub-clause has been omitted by Section 255 of the Insolvency and Bankruptcy Code, 2016. Sections 7, 8, and 9 of Insolvency and Bankruptcy Code, 2016 deal with the same now.
Under which one of the following section of the Companies Act, 2013 the modes of winding up are specified?
According to Section 272 by the Companies Act, 2013 the following individuals have the authority to file for a compulsory winding up procedure under Companies Act.
How many types of winding up are there?
Types of Winding Up
Voluntary Winding Up, which itself is of two kinds: Members’ Voluntary Winding Up. Creditor’s Voluntary Winding Up.
What are the different modes of a company?
Winding Up of a Company: 3 Modes | Accounting
- Mode # 1. Compulsory Winding Up by the Court:
- Mode # 2. Voluntary Winding Up:
- Mode # 3. Winding Up Subject to Supervision of the Court:
How many modes of liquidation are there?
Company Liquidation of an insolvent company has two types Creditors Voluntary Liquidation and Compulsory Liquidation.