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Register Your Company Closure

Easily complete the process of registering your company closure. Ensure smooth dissolution and meet all legal requirements. Take the necessary steps to officially close your business with confidence.

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Company Closure

Company closure involves legally dissolving a business, settling debts, distributing assets, and ensuring compliance with legal requirements. It is not just about ceasing operations but also involves handling every aspect correctly to avoid future complications.

Criteria for Company Closure

Here is a list of checklists for GST return fillings. Filing your GST returns online requires you to submit multiple documents and individuals clear cutting information on ITC claims.

  • The company must be solvent.
  • Shareholder approval is mandatory.
  • All liabilities must be settled.
  • No pending legal disputes or investigations.

Company Closure Process in India.

Step 1. Hold a Board Meeting

  • Convene a board meeting to discuss and pass a resolution for the company's closure.
  • Ensure all directors are notified, and the meeting is documented.

Step 2. Shareholder Approval

  • Obtain approval from the shareholders through a special resolution.
  • Ensure the resolution is passed by the requisite majority as specified in the company’s articles of association.

Step 3. Notify Relevant Authorities

  • Inform the Registrar of Companies (ROC) and other regulatory bodies about the decision to close the company.
  • Submit necessary forms and documents, such as the resolution passed by the board and shareholders.

Step 4. Settle Debts and Liabilities

  • Pay off all outstanding debts, liabilities, and obligations.
  • Notify creditors and settle their claims before proceeding further.

Step 5. Dispose of Assets

  • Liquidate the company’s assets and distribute the proceeds among creditors and shareholders.
  • Follow the legal order of priority in asset distribution, starting with secured creditors.

Step 5. Prepare Final Accounts

  • Prepare and audit the final accounts of the company.
  • nsure all financial transactions are recorded and that the final accounts are submitted to the ROC.

Step 5. Public Notice

  • Publish a notice of closure in the official gazette and local newspapers.
  • Inform the public and any interested parties about the company's dissolution.

Step 5. Strike Off or Liquidation

  • Based on the type of closure, either proceed with the strike-off process or liquidation.
  • Follow the legal process for either striking off the company from the register or liquidating its assets.