Limited liability company (LLP) is a general partnership in which all partners have limited responsibilities. Winding up means closing up of a company’s concerns, which may be by reason of insolvency or selling of business assets and paying off to creditors take place.
There is a two type of winding up of company
Voluntary Winding takes place when a company becomes insolvent and is unable to discharge its liabilities. Voluntary winding up happens when the partners decide amongst themselves to discontinue and close the LLP.
A creditor asks the High Court to wind up the affairs of an insolvent limited company. The firm may also wound up by the order of the Tribune/court and this kind of winding up is known as Compulsory Winding up.
No Assets:
A company can apply for closure if all assets extinguished and with the consent of shareholders holding 75% shares in the company
Bank Account details:
Before making application, all bank account opened in the name of the company stand closed.
No Liability:
All liabilities must be settled or waver certificate must be obtained from liability holders
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