Can creditors apply for liquidation of a company
29-Dec-2023 (In Corporate Law)
In case of ltd company (not listed ) how creditors can apply for liqudation in case company is unable to pay debts and how much time it takes for liqudation process and how the property of the company will be disposed off by liqudator for paying debts of the creditors. How much time taking is the process.
Thank you for your query.
A creditor can approach the court directky and apply for liquidation. Generally, winding up petition is filed before the jurisdictional High Court and regarding the timing it all depends how quickly we want to get it but on an average it take 6-12 months.
Thanks
Saurabh
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