Closing a Company: A Step-by-Step Guide

Closing a company involves a structured legal process to ensure all aspects are handled correctly. The process begins with a board resolution and a special resolution by shareholders. The company must then apply to the Registrar of Companies (RoC) to initiate winding up, which can be voluntary or compulsory. Voluntary winding-up occurs when the members or creditors agree, while compulsory winding-up is court-ordered due to non-compliance or financial instability. The company must clear all liabilities, settle dues, and liquidate assets before filing necessary documents with the RoC. Public notices and tax obligations must also be addressed. While complex, professional assistance can help ensure a smooth closure and prevent future legal issues.