If an insolvent debtor owes money to a natural person, he can ask the court to order the compulsory liquidation of the company. Sale of all movable and immovable property of the corporation by public auction or private contracts with the power to transfer the assets to a single person or to different persons in packages Appointment of liquidators for the purpose of dissolving the corporation upon dissolution of the corporation and allocating the assets of the corporation If the directors apply: They must apply in their own name and not on behalf of the corporation and, in the absence of a formal resolution of the board of directors, they must act unanimously. However, if a majority of the directors at a meeting of the board have decided that the corporation should be dissolved, only one director may table a motion on behalf of all. In the case of a voluntary winding-up proposal, a majority of its directors, but not less than two directors, must make a statement, confirmed by an affidavit, at a meeting of the Board, that they have conducted a full investigation into the affairs of the Corporation and have formed the opinion that the Corporation has no debts or will be able to: pay its debts entirely from the proceeds of assets sold in a voluntary corporation. Improper disclosure: If the company is dissolved on the basis of a resolution taken within 5 weeks of the submission of the declaration, but its debts are not paid or fully satisfied, it is presumed, in the absence of evidence to the contrary, that the manager(s) did not have sufficient reason to give their opinion when submitting the solvency statement. Penalty for misrepresentation Any director of a corporation who makes a declaration under this Division without having reasonable grounds to believe that the corporation will in future pay all debts from the proceeds of assets sold in voluntary liquidation is liable to imprisonment for a term of not less than three years, but which may be up to five years: or a fine of at least fifty years. One thousand rupees, which cannot be less than 50,000 rupees, but can go up to 3,00,000 rupees or both. Voluntary liquidation companies are a great way to solve your business problems. They help you get rid of all the debts and liabilities that would otherwise make it difficult for you to continue your business. The process is very simple and you can do it yourself at home or in a small office. When a corporation is terminated for certain reasons, this is called the dissolution of a corporation. If a company or corporation goes bankrupt or if the company goes bankrupt or there is a significant loss, the dissolution of the company is initiated.

1. Hold a meeting of the board of directors with 2 directors and thus pass a resolution with a declaration from the directors that they believe that the company has no debt or will be able to pay its debts after using all the proceeds from the sale of its assets. 2. Issue written invitations for the convening of a General Assembly, which proposes the resolution with the reason. 3. At the Annual General Meeting, adopt the ordinary resolution of dissolution by a simple majority or the special resolution by a 3/4 majority. The liquidation shall commence on the date of the resolution. 4. After the resolution is passed, hold a meeting of creditors if the majority creditors believe that liquidation is beneficial to all parties. 5. Within 10 days of the adoption of the resolution, a notice of appointment of the liquidator must be submitted to the registrar. 6.

Within 14 days of the adoption of such a decision, publish the decision in the Official Journal and also publish it in the Journal. 7. Submit certified copies of the ordinary or special resolution of the General Meeting within 30 days of the Annual General Meeting. 8. Manage the affairs of the company and prepare the liquidators` account and have it audited. 9. Conduct of a general meeting of the Company. 10. Pass a special resolution at such meeting for the sale of the books and all necessary documents of the corporation, when the affairs of the corporation are completely settled and it is dissolved. 11.

Within 15 days of the last general meeting of the company, submit a copy of the annual accounts and apply to the court for a discussion order. 12. If the court considers that the accounts are in order and that all necessary obligations have been fulfilled, it shall render a decision to dissolve the corporation within 60 days after receiving the application. 13. The appointed liquidator then delivered a copy of the decision to the clerk. 14. On receipt of the order of the court, the clerk shall publish in the Official Journal a notice pronouncing the dissolution of the company. If the court intends to dissolve the company or A notice of the meeting of creditors as well as the convening of the general meeting of the company must be served on all creditors of the company. A company may be wound up by a court if the application was made in the following circumstances: – In the event of default, the creditors of a company are required to make a decision on the submission of an application to the court.