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Voluntary Liquidation IBC CS Thermal Gorge Insolvency Professional & Partner of Thermal Gorge & Associates LLP, Bengaluru Practicing Company SecretariesPhone No.: 91 08 40971818 Hand Phone: 91 9448384064
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How to fill out voluntary liquidation -ibc
How to fill out voluntary liquidation -ibc
01
To fill out voluntary liquidation (IBC), you need to follow these steps:
02
Gather all the necessary documents, including the resolution of the board of directors approving the liquidation, the statement of affairs, and the accounts of the company.
03
Prepare a notice of the voluntary liquidation, stating the intent to wind up the affairs of the company voluntarily.
04
Submit the notice of liquidation to the Registrar of Companies within 10 days.
05
Publish the notice of liquidation in the Official Gazette.
06
Notify all the creditors and shareholders of the company about the liquidation process.
07
Arrange for the appointment of a liquidator who will oversee the winding up of the company.
08
The liquidator will then take control of the company's assets, settle its liabilities, and distribute any remaining assets among the stakeholders.
09
Finally, the liquidator will prepare a final report and file it with the Registrar of Companies, signaling the completion of the voluntary liquidation process.
Who needs voluntary liquidation -ibc?
01
Voluntary liquidation (IBC) is typically needed by the following entities or individuals:
02
Companies that are insolvent and unable to pay their debts.
03
Companies that have fulfilled their purpose and no longer wish to continue operations.
04
Shareholders who want to close down their company and distribute its assets among themselves.
05
Creditors who want to wind up a company to recover their outstanding debts.
06
It's important to consult legal and financial professionals to determine if voluntary liquidation is the right solution for your specific situation.
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What is voluntary liquidation -ibc?
Voluntary liquidation under the Insolvency and Bankruptcy Code (IBC) is a process in which a company's management opts to wind up the company's affairs and liquidate its assets, typically when the company cannot continue its operations and wants to close down in an orderly manner.
Who is required to file voluntary liquidation -ibc?
The board of directors of a company is required to file for voluntary liquidation under the IBC, along with a declaration stating that the company is not able to pay its debts and has no outstanding liabilities.
How to fill out voluntary liquidation -ibc?
To fill out the voluntary liquidation application under the IBC, the company must prepare necessary documents such as a board resolution, a declaration of solvency, and the list of stakeholders. These documents must then be filed with the National Company Law Tribunal (NCLT) along with the prescribed forms.
What is the purpose of voluntary liquidation -ibc?
The purpose of voluntary liquidation under the IBC is to provide a structured and legal method for companies to wind up their affairs, pay off creditors, and distribute any remaining assets to shareholders in a manner that complies with legal requirements.
What information must be reported on voluntary liquidation -ibc?
The information that must be reported includes the company's financial statements, a list of creditors, details of the assets and liabilities, and a declaration from the board regarding the company’s inability to pay debts.
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