Company Closure in Vadapalani - Filingpoint

Welcome to Filingpoint CA for  Company Closure Expert +91 72999 72500

Filingpoint Company Closure in Vadapalani is a process of shutting down a business entity. Typically, it involves liquidation of assets and settlement of liabilities. It can be done for a number of reasons, including a desire to focus on new opportunities or because of financial difficulties.

A company can be closed either voluntarily or involuntarily. Voluntary closure is usually a strategic decision made by the company's management to focus on other opportunities or address challenges that are unsustainable. Involuntary closure is usually the result of legal or regulatory challenges, such as violations, lawsuits, or inability to secure funding.

There are a few steps that need to be followed when closing a private limited company in Chennai. First, a board resolution needs to be passed declaring that the company is going through a voluntary winding up. There must also be a declaration of solvency, signed by directors and shareholders, stating that the company is capable of paying off its debts. A statement of assets and liabilities must be prepared, audited by a Chartered Accountant, as well as an application to the Tribunal for the winding up of the company.

The Greater Chennai Corporation on Tuesday began pulling down an unauthorised four-storey residential building in Vadapalani where four members of a family died in a fire last year. The unauthorised building was erected on land belonging to the corporation and was being run by a group of people who were not registered as traders.

Contact Our Filingpoint team Company Closure expert +91 72999 72500