Widing Of Company By Court | Law

Winding-up Of Companies:

            The existence of company can be terminated by means of winding-up. Winding-up of a company is a proceeding in which all its affairs are wound-up.

     Section 305 to 311 of Companies Ordinance 1984. “Winding-up of a company is a process whereby its life is ended and its property is administered for the benefits of its creditors and members.

Winding-up by court.Voluntary winding-up.Winding-up subject to the supervision of court. The process of putting and end to companies life at eh order of the court is called winding-up by court. It is also called compulsory winding-up. Winding up be special resolution. Winding up by default in delivering statutory report. Winding up by failure to commence business.

Winding up by reduction of membership. Winding up by inability paying debt. Winding up by unlawful and fraudulent activities. Winding up by unauthorized business. Winding up by conductive business oppressive accounts.Winding up by fraud of management cessation.Winding up by a listed company.Winding up on just and equitable ground. Winding up shall be commenced from the time of presentation of petition.

          Itself Creditors Contributors Registrar SECP 1997    At any time after the presentation of winding up petition the court shall appoint the provisional manager as official liquidator. Within 15 days from the date of winding up. A copy from order of winding up shall be file with the registrar. Transfer of share shall be void.

          Transfer of property shall be void. Provisional manager shall seas to hold his office. Company no more legal person.  Assets of company shall be distributed.No locus standee off against company.