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When to go for strike off and voluntary winding up
05-Mar-2023 (In Corporate Law)
When to go for winding up voluntary and when to go for strike off ? What is the basic difference between both of these.
The main difference between the process of winding up and striking off is that when a company is wound up, a liquidator is appointed to be in charge of the winding up process and manage the affairs of the wound up company. The liquidator takes full control of the company and is responsible to collect and realize all assets of the company, settle all the creditors’ claims and distribute the surplus asset (if any) to the company’s shareholders according to their entitlements. On the other hand, the striking off process entitles the Registrar to exercise his power under Section 549 CA 2016 (Section 308 CA 1965).
You can go for strike off when there is no business started in last one year or more since from incorporation.
Winding up is a process start with involvement of court. they will appoint liquidator when company on suo moto or after direction of court want to involve Liquidator to sell and pay dues of creditor.
You can go for strike off when there is no business started in last one year or more since from incorporation.
Winding up is a process start with involvement of court. they will appoint liquidator when company on suo moto or after direction of court want to involve Liquidator to sell and pay dues of creditor.
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Adv. Rajat Goel
Delhi | 25+ Answers
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