{"id":810,"date":"2019-07-04T13:34:46","date_gmt":"2019-07-04T13:34:46","guid":{"rendered":"https:\/\/lawyerinc.net\/learning\/?p=810"},"modified":"2019-07-04T13:34:48","modified_gmt":"2019-07-04T13:34:48","slug":"step-by-step-guide-for-voluntary-winding-up-of-the-company","status":"publish","type":"post","link":"https:\/\/lawyerinc.net\/learning\/step-by-step-guide-for-voluntary-winding-up-of-the-company\/","title":{"rendered":"Step by Step guide for Voluntary Winding Up of The Company"},"content":{"rendered":"\n<p>Winding up is the last stage of the company&#8217;s existence. Shutting down a company is more difficult than building up a company. When a business is not functioning properly, it is better to shut it down. There are three-four ways of shutting down the business. Some of the ways are selling a company, mandatory winding up, voluntary winding up of the company and closing a defunct company.&nbsp; <\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_73 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/lawyerinc.net\/learning\/step-by-step-guide-for-voluntary-winding-up-of-the-company\/#Winding_up_of_the_company\" title=\"Winding up of the company\">Winding up of the company<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/lawyerinc.net\/learning\/step-by-step-guide-for-voluntary-winding-up-of-the-company\/#Voluntary_Winding_up_of_company\" title=\"Voluntary Winding up of company\">Voluntary Winding up of company<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/lawyerinc.net\/learning\/step-by-step-guide-for-voluntary-winding-up-of-the-company\/#How_can_the_company_voluntarily_wind_up\" title=\"How can the company voluntarily wind up?\">How can the company voluntarily wind up?<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/lawyerinc.net\/learning\/step-by-step-guide-for-voluntary-winding-up-of-the-company\/#By_Ordinary_Resolution\" title=\"By Ordinary Resolution:\">By Ordinary Resolution:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/lawyerinc.net\/learning\/step-by-step-guide-for-voluntary-winding-up-of-the-company\/#By_Special_Resolution\" title=\"By Special Resolution:\">By Special Resolution:<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/lawyerinc.net\/learning\/step-by-step-guide-for-voluntary-winding-up-of-the-company\/#Procedure_for_Voluntary_Winding_Up_of_Company\" title=\"Procedure for Voluntary Winding Up of Company\">Procedure for Voluntary Winding Up of Company<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/lawyerinc.net\/learning\/step-by-step-guide-for-voluntary-winding-up-of-the-company\/#Step_by_step_procedure_for_Voluntary_Winding_up_of_a_company_is_as_follows\" title=\"Step by step procedure for Voluntary Winding up of a company\nis as follows-\">Step by step procedure for Voluntary Winding up of a company\nis as follows-<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/lawyerinc.net\/learning\/step-by-step-guide-for-voluntary-winding-up-of-the-company\/#Step_1\" title=\"Step 1\">Step 1<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/lawyerinc.net\/learning\/step-by-step-guide-for-voluntary-winding-up-of-the-company\/#Step_2\" title=\"Step 2\">Step 2<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/lawyerinc.net\/learning\/step-by-step-guide-for-voluntary-winding-up-of-the-company\/#Step_3\" title=\"Step 3\">Step 3<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/lawyerinc.net\/learning\/step-by-step-guide-for-voluntary-winding-up-of-the-company\/#Step_4\" title=\"Step 4\">Step 4<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/lawyerinc.net\/learning\/step-by-step-guide-for-voluntary-winding-up-of-the-company\/#Step_5\" title=\"Step 5\">Step 5<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/lawyerinc.net\/learning\/step-by-step-guide-for-voluntary-winding-up-of-the-company\/#Step_6\" title=\"Step 6\">Step 6<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/lawyerinc.net\/learning\/step-by-step-guide-for-voluntary-winding-up-of-the-company\/#Step_7\" title=\"Step 7\">Step 7<\/a><\/li><\/ul><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/lawyerinc.net\/learning\/step-by-step-guide-for-voluntary-winding-up-of-the-company\/#Consequence_of_Voluntary_Winding-up_of_company\" title=\"Consequence of Voluntary Winding-up of company\">Consequence of Voluntary Winding-up of company<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/lawyerinc.net\/learning\/step-by-step-guide-for-voluntary-winding-up-of-the-company\/#Important_Notes_for_Company\" title=\"Important Notes for Company\">Important Notes for Company<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-17\" href=\"https:\/\/lawyerinc.net\/learning\/step-by-step-guide-for-voluntary-winding-up-of-the-company\/#Advantages_of_Voluntary_Winding-up_of_company\" title=\"Advantages of Voluntary Winding-up of company\">Advantages of Voluntary Winding-up of company<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-18\" href=\"https:\/\/lawyerinc.net\/learning\/step-by-step-guide-for-voluntary-winding-up-of-the-company\/#Timeline_of_Voluntary_Winding-up\" title=\"Timeline of Voluntary Winding-up\">Timeline of Voluntary Winding-up<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-19\" href=\"https:\/\/lawyerinc.net\/learning\/step-by-step-guide-for-voluntary-winding-up-of-the-company\/#Conclusion\" title=\"Conclusion\">Conclusion<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Winding_up_of_the_company\"><\/span><strong>Winding up of the company<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><a href=\"https:\/\/lawyerinc.net\/in\/winding-up-of-companies\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\"Winding up of the company (opens in a new tab)\">Winding up of the company<\/a> puts an end to the corporate existence of the company, and it is dissolved thereafter. Under the section 270 Companies Act, 2013, a company would wound up either by the Tribunal or voluntary wind up. There can be many reasons behind the wind-up, including mutual agreements among stakeholders, loss, and bankruptcy, etc. <\/p>\n\n\n\n<p>The process through which the company has to necessarily sell all its business for paying the creditors and distributing the remaining assets to its members and then finally dissolving business is known as winding up of company. In India, there are two types of winding up, winding up by Tribunal and Voluntary winding up.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Voluntary_Winding_up_of_company\"><\/span>Voluntary Winding up of company<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Shareholders of the\ncompany trigger voluntary winding up. Therefore, it is not necessary for the company\nto be insolvent. In other words, if the shareholders think that, the objectives\nof the company have been accomplished and it is time to shut down, they can opt\nfor voluntary winding up. The company can go for voluntary winding up if it\nbecomes insolvent. In this case, the shareholders can go for voluntary wind up\nto avoid the charges of bankruptcy or personal liability of the company&#8217;s\ndebts.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"How_can_the_company_voluntarily_wind_up\"><\/span><strong>How can the company voluntarily wind up?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter\"><img loading=\"lazy\" decoding=\"async\" width=\"387\" height=\"216\" src=\"https:\/\/lawyerinc.net\/learning\/wp-content\/uploads\/2019\/07\/Screenshot-66.png\" alt=\"There are two types of winding up, one is by special resolution and other is by voluntary resolution.\" class=\"wp-image-812\" srcset=\"https:\/\/lawyerinc.net\/learning\/wp-content\/uploads\/2019\/07\/Screenshot-66.png 387w, https:\/\/lawyerinc.net\/learning\/wp-content\/uploads\/2019\/07\/Screenshot-66-300x167.png 300w\" sizes=\"auto, (max-width: 387px) 100vw, 387px\" \/><\/figure><\/div>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"By_Ordinary_Resolution\"><\/span><strong>By Ordinary Resolution: <\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>A company can\nvoluntarily wind up on the expiry of the period or duration which is fixed by\narticles of company or on happening of an event on which the article provides\nthat the company should be dissolved by ordinary resolution.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"By_Special_Resolution\"><\/span><strong>By Special Resolution: <\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>A company can\nopt for voluntary winding up by special resolution. This can be done by getting\na 75% majority from the shareholders and board of directors through a special\nresolution. After the resolution is passed, it has to be published in the\nofficial gazette and in the newspaper within 14 days.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><a href=\"https:\/\/lawyerinc.net\/in\/winding-up-of-companies\" target=\"_blank\" rel=\"noreferrer noopener\"><img loading=\"lazy\" decoding=\"async\" width=\"728\" height=\"90\" src=\"https:\/\/lawyerinc.net\/learning\/wp-content\/uploads\/2019\/07\/Legal-Advice-16.jpg\" alt=\"Voluntary Winding Up of Company\ufeff\" class=\"wp-image-826\" srcset=\"https:\/\/lawyerinc.net\/learning\/wp-content\/uploads\/2019\/07\/Legal-Advice-16.jpg 728w, https:\/\/lawyerinc.net\/learning\/wp-content\/uploads\/2019\/07\/Legal-Advice-16-300x37.jpg 300w\" sizes=\"auto, (max-width: 728px) 100vw, 728px\" \/><\/a><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Procedure_for_Voluntary_Winding_Up_of_Company\"><\/span><strong>Procedure for Voluntary Winding Up of Company<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<figure class=\"wp-block-image is-resized\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/lawyerinc.net\/learning\/wp-content\/uploads\/2019\/07\/Screenshot-67.png\" alt=\"Procedure of voluntary winding up of company\" class=\"wp-image-813\" width=\"530\" height=\"357\" srcset=\"https:\/\/lawyerinc.net\/learning\/wp-content\/uploads\/2019\/07\/Screenshot-67.png 638w, https:\/\/lawyerinc.net\/learning\/wp-content\/uploads\/2019\/07\/Screenshot-67-300x203.png 300w\" sizes=\"auto, (max-width: 530px) 100vw, 530px\" \/><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Step_by_step_procedure_for_Voluntary_Winding_up_of_a_company_is_as_follows\"><\/span><strong>Step by step procedure for Voluntary Winding up of a company\nis as follows-<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Step_1\"><\/span><strong>Step 1<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>In the first place,\nthe members have to hold a board meeting with at least two directors for\npassing a resolution. The resolution should contain a declaration stating\neither that the company is not having any debts or it can pay off the debts\nthrough its assets.<\/p>\n\n\n\n<p>They have to discuss about voluntary <a href=\"https:\/\/lawyerinc.net\/in\/winding-up-of-companies\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\"winding up of the company (opens in a new tab)\">winding up of the company<\/a>, appointment of a liquidator. Moreover, they also have to approve the declaration of solvency if any. This declaration has to verified by the company directors on a stamp paper worth Rs. 100\/-. It should state that after full inquiry, they are of the opinion that the company has no debt or it can pay off its debts through its assets sold in voluntary liquidation. In the end, it should also mention that the company is not being liquidated to defraud any person.<\/p>\n\n\n\n<p>The affidavit has to\nbe accompanied with a record of the last 2 years of audited financial statement\nand business operations, registered valuer report, latest financial position.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Step_2\"><\/span><strong>Step 2 <\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>Next, a notice for a\ngeneral meeting for discussion of resolution as well as explanatory statements\nis also issued. All the details of the meeting and notice of the general\nmeeting are sent to the Stakeholders.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Step_3\"><\/span><strong>Step 3<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>The members have to\npass an ordinary resolution in the General Meeting for voluntary winding up and\nappointment of liquidator. This resolution has to be approved by at least 3\/4<sup>th<\/sup>\nmajority.&nbsp; <\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Step_4\"><\/span><strong>Step 4<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>In case the company has\nany debts, hold a meeting with the creditors after the general meeting for\napproval of the resolution. If the majority of the creditors are of the opinion\nthat winding up is the only option available, then the company would wind up.\n(Approval of the resolution is to be done within 7 days by the creditors owing\n2\/3rd of the value of the debt of the company.) But if the company cannot meet\nall its liabilities, then the company must wound up by Tribunal. <\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Step_5\"><\/span><strong>Step 5<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>Additionally, within\n14 days of the resolution, a notice has to be given in the official gazette and\ntwo newspapers.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Step_6\"><\/span><strong>Step 6<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>Within 30 days of the\nresolution, the statement of account is prepared stating about the liabilities\nand assets of the company. An affidavit has to be executed by all the\ndirectors.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Step_7\"><\/span><strong>Step 7<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>Call for the General\nBoard Meeting, at which a special resolution will be passed for the disposal of\naccounts.<\/p>\n\n\n\n<p>Lastly, within two\nweeks, file the accounts and special resolution with the Registrar. If the\nRegistrar is satisfied, it will pass an order stating that the company is wound\nup within 60 days.<\/p>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter\"><img loading=\"lazy\" decoding=\"async\" width=\"322\" height=\"186\" src=\"https:\/\/lawyerinc.net\/learning\/wp-content\/uploads\/2019\/07\/business-brainstorming-concept_23-2147506559.jpg\" alt=\"Board Meeting\" class=\"wp-image-817\" srcset=\"https:\/\/lawyerinc.net\/learning\/wp-content\/uploads\/2019\/07\/business-brainstorming-concept_23-2147506559.jpg 322w, https:\/\/lawyerinc.net\/learning\/wp-content\/uploads\/2019\/07\/business-brainstorming-concept_23-2147506559-300x173.jpg 300w\" sizes=\"auto, (max-width: 322px) 100vw, 322px\" \/><\/figure><\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Consequence_of_Voluntary_Winding-up_of_company\"><\/span>Consequence of Voluntary Winding-up of company<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>When the company  goes for voluntary winding up, then the company shall from the commencement of wind up cease to carry on their business. The corporate state of the company and it&#8217;s power shall continue until the company is dissolved. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Important_Notes_for_Company\"><\/span><strong>Important Notes for Company <\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<ol class=\"wp-block-list\"><li>The company has to intimate the <a rel=\"noreferrer noopener\" aria-label=\"ROC (opens in a new tab)\" href=\"http:\/\/www.mca.gov.in\/MinistryV2\/registrarofcompanies.html\" target=\"_blank\">ROC<\/a> through Form MGT-14 for board resolution and special resolution and GNL-2 for declaration of solvency and appointment of liquidator within 10 days of passing resolution.<\/li><li>They have to intimate the officials about the voluntary winding up within 7 days of approval of liquidation. <\/li><li>The company has to intimate the Income Tax department for an NOC regarding voluntary winding up within one month of passing the resolution.<\/li><li>The liquidator appointed has to file a copy of such order with the ROC.<\/li><li>On receipt of such order within 14 days, the Registrar will publish a notice in the official gazette and declare the company dissolved. <\/li><li>The entire procedure will complete in a maximum of 12 months from the commencement of liquidation. <\/li><\/ol>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Advantages_of_Voluntary_Winding-up_of_company\"><\/span><strong>Advantages of Voluntary Winding-up of company<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<ul class=\"wp-block-list\"><li>There\nis a limit on the director&#8217;s liability under voluntary winding up.<\/li><li>The\nwhole process of voluntary winding up is managed by licensed professionals,\nwhich ensures speedy closure.<\/li><li>The power of the board of director\nwill not cease and not hamper the independence of liquidator.<\/li><li>It\nis a private process with minimal interference from the government.<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Timeline_of_Voluntary_Winding-up\"><\/span><strong>Timeline of Voluntary Winding-up<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The voluntary winding-up process usually takes a maximum of 6 to 12 months. After this, the liquidators have to sell their assets, investigate and file paperwork. It approximately takes one year for the company to voluntary wind up.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span><strong>Conclusion<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Having a business involves a lot of challenges and complication. When the business does not function it is better to opt for voluntary winding up. <a href=\"https:\/\/lawyerinc.net\/in\/winding-up-of-companies\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\"Voluntary winding up (opens in a new tab)\">Voluntary winding up<\/a> of a company is not just about laying off employees, and it also involves several other procedures. Closing a company is a tedious task. Therefore, it is always advisable to go for voluntary wind up. <\/p>\n\n\n\n<p>For more information, contact our team of expert lawyers here at <a href=\"https:\/\/lawyerinc.net\/\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\"LawyerINC (opens in a new tab)\">LawyerINC<\/a>. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>Winding up is the last stage of the company&#8217;s existence. Shutting down a company is more difficult than building up a company. When a business is not functioning properly, it is better to shut it down. There are three-four ways of shutting down the business. Some of the ways are selling a company, mandatory winding [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":838,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[10,1],"tags":[],"class_list":["post-810","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-corporate-laws","category-legal"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.8.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Step by Step guide for Voluntary Winding Up of The Company - LawyerINC<\/title>\n<meta name=\"description\" content=\"In case the company has accomplished it&#039;s objectives or the company has become insolvent then they opt for voluntary winding of the company.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/lawyerinc.net\/learning\/step-by-step-guide-for-voluntary-winding-up-of-the-company\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Step by Step guide for Voluntary Winding Up of The Company - 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