Procedure for Winding Up of a Company

●      A special resolution must be passed in the company in the context of winding up and the consent of 3/4th of its members is required for the winding up to be carried out by the court.

●      A list of the total assets must be prepared in order to confirm that the company is no more able to pay its debts.

●      A list of the creditors must be prepared.

●      In the context of any defaults in payments, the creditors of a company are required to make a decision for filing a petition in the court of law.

●      Advocates must be engaged to prepare and file the petition.

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