Corporate lawyers in Chennai offer legal support for winding up a company. This service can be essential for companies in distress. It allows them to liquidate assets and pay off debts without further complications. Rajendra Law Office, Advocates, and Attorneys is one of the leading corporate law firms in Chennai and offers this service. Do you need legal help in Chennai or anywhere else in Tamil Nadu? contact the Rajendra Law Office for professional guidance. You will be happy with the level of service you receive here. Winding up of a company legal procedure The “winding up” of a company is a legal procedure that companies use to end their operations. It involves the sale of company assets and distributing the proceeds to creditors. The process can take place on a voluntary basis or as a court-ordered procedure. In a voluntary winding up, members of the company may pass a resolution that the company be wound up and that a liquidator is appointed. The liquidation will then commence, and the company must give notice of the start of the winding up to its creditors. A voluntary winding up is a relatively simple process. Moreover, it finds uses in both public and private companies. This type of winding up can be triggered by shareholders or contributors, who believe that the company is insolvent and cannot pay its debts. Voluntary winding up of Companies When this happens, the creditors of the company can file a court case against it. There they will […]
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