Winding up of OPC/Pvt Ltd/LLP
Winding up of a company is the process through which life of a company comes to an end and its property is administered for the benefit of its members & creditors. An Administrator, called a liquidator is appointed and he takes control of the company, collects its assets, pays its debts and finally distributes any surplus among the members in accordance with their rights. In addition to the regular mode of winding up there is Fast Track Exit mode (FTE) to enable defunct companies to get their names strike of the register of companies in a time bound manner.
With the introduction of Insolvency and Bankruptcy Code 2016, winding up of a company/LLP due to insolvency or bankruptcy will be subject to provisions of the code.