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Closure of Company
Closure of Company

The closure of a company, or winding up, is the process by which a company ceases its operations and is formally removed from the register of companies. This can occur voluntarily, when the members decide to dissolve the company, or involuntarily, usually at the request of creditors when the company is unable to pay its debts. In a voluntary closure, the process begins with the board of directors passing a resolution to wind up the company. Following this, a special resolution must be passed by the shareholders. A liquidator is then appointed to manage the winding-up process, which involves settling debts, selling assets, and distributing any remaining assets to shareholders. For involuntary closure, a court may order the company to be wound up, often due to insolvency. The liquidator plays a key role in managing the process, ensuring that creditors are paid in accordance with legal priorities. Throughout the closure process, various legal and regulatory requirements must be met, including notifying the Registrar of Companies and filing necessary forms. The final step in the process is the dissolution of the company, which formally marks its closure and removal from the register. Proper adherence to these steps is essential to ensure compliance and minimize potential liabilities for directors and shareholders.

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Document Required
Articles and Memorandum of Association of the Company
Certificate of incorporation
Reason for Closure
Statement of Assets and Liabilities
A detailed list of the Company's creditors and debtors
Acknowledgement of Income Tax filing
Bank closure letter