Prepare for exit
Think of everything you’ve done to make your business a success. We’re talking late nights and long meetings. Risks and investments. Seeing it through thick and thin.
You deserve a business exit worthy of that; one that rewards you fully and secures a good future for your company. That’s where AdrianYeo business advisory comes in. We can prepare your term sheet and business valuation for presentation to prospective buyers.
In other hand, the process of striking off and winding up may either be done voluntarily by a company or can be initiated under the process of law, without any application by the company. Since the Act, has not yet notified the provisions relating to striking off or winding up, the same shall be governed by the provisions of the Companies Act ,1956, which prescribes the rules and procedures for the same.
Striking off as a method is followed in case of defunct companies as an alternative to winding up. Here a defunct company means a company which has never commenced any business nor carrying on any operation. Striking off can be done in two ways:
Striking off by the Registrar
Striking off on application made by the Company
Winding up is a process in which the existence of a company is brought to an end, where assets of a company are collected and realised. The proceeds collected are used to discharge the company’s debts and liabilities and the remaining balance (if any) will be is distributed amongst the contributories according to their entitlement.
There are 2 modes of winding up:
Voluntary winding up (VWU); and
Compulsory i.e. Winding up by Court
Contact us to learn more about striking off and winding up for your business.