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Every aspiring entrepreneur starts a business with dreams of success and growth. During the whole process of expanding the organisation, it is possible that he/she is unable continue the business in a profitable manner on a sustained basis. In such a situation, it may warrant the winding up or closing down of his company. Closure of a business unit refers to shutting down of the various functional as well as non-functional areas of the company. The various conditions that may be responsible for closing a company include:-
Economic recession
Intense competition
Use of obsolete techniques of production
Poor infrastructural facilities in an organisation
Dissatisfaction among workers and trade workers, conflict between labour and management, lockouts, strikes, etc
Lack of resources/ funds to finance various activities of as organisation.
There are several policies and schemes that not only help an entrepreneur to wind up his business easily, but also help him/her in reinvesting the resources in newer avenues.
Winding Up a Registered Company and an Unregistered Company
Winding up of a company is defined as a process by which the life of a company is brought to an end, and its property administered for the benefit of its members and creditors. An administrator, called the liquidator, is appointed and he takes control of the company, collects its assets, pays debts and finally distributes any surplus among the members in accordance with their rights. At the end of winding up, the company will have no assets or liabilities. When the affairs of a company are completely wound up, the dissolution of the company takes place. On dissolution, the company's name is struck off the register of the companies and its legal personality as a corporation comes to an end.
The procedure for winding up differs depending upon whether the company is registered or unregistered. A company formed by registration under the Companies Act, 1956 is known as a registered company. It also includes an existing company, which had been formed and registered under any of the earlier Companies Acts.
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