Process of liquidating a company

28-Mar-2020 03:23

Liquidation and Rehabilitation 7.1 The Insolvency law should strike a balance between rehabilitation and liquidation.

It should provide an opportunity for genuine effort to explore restructuring/ rehabilitation of potentially viable businesses with consensus of stake holders reasonably arrived at.

6.2 Corporate insolvency should be addressed in the Company Law.

There is no need of a separate Insolvency Law for the present.

When the company directors realise the company does not have a reasonable prospect of survival, they are obliged by the Company’s Act to put the company into liquidation.

The company should cease trading in a timely manner and, to protect all creditors including employees and shareholders, appoint a liquidator.

process of liquidating a company-6

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Similarly, conversion to liquidation might be appropriate even after a rehabilitation plan has been approved if such a plan was procured by fraud or the plan can no longer be implemented.

It is, therefore, essential to provide for a sound framework for restructuring and rehabilitation of companies along with a framework for winding up and liquidation.

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