Liquidation, expressed simply, is the process through which a business ends its operations. The business may opt to shut down for a number of reasons, such as an unwillingness to carry on with business as usual, insolvency, and so on. The process of selling a corporation's assets is referred to as the 'liquidation of a company.' To pay obligations and settle liabilities, the company may sell assets.
In the event that a business is liquidated owing to bankruptcy, the liquidator may sell the company's assets to satisfy all outstanding debts. Following payment to the creditors, any residual funds are given to the company's shareholders.
Documents Required:-
- PAN card for the business
- closing statement for the business's bank account
- An indemnity bond, which the directors should notarize
- latest financial report for the company
- Accounts that include all of the company's assets and obligations and have been reviewed by a professional accountant (CA)
- Proof that at least 3/4 of the board members have approved the resolution
- Application to change the company's name.
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