Members Voluntary Winding up
The Law Applicable.
• The Companies Act No.1 of 2012
• The Insolvency Act 2011
Member’s voluntary winding up
- A company may within 30 days before the passing of the resolution to wind up ,deliver to the Registrar and the Official Recievor a Statutory Declaration of Solvency,which includes a statement of company’s assets and liabilities.
- Members pass a special resolution to wind up which is filed with the Registrar of Companies and the winding up commences at passing of the resolution.
- Send a Copy of the registered resolution to the Official Recievor.
- File,Notice of the Resolution in the gazette and a newspaper of wide circulation within 14 days
- Advertise appointment of a Liquidator in the Gazette within 14 days of appointment-Form 12 of Insolvency Regulations 2013.
- Register with the Registrar a copy of the Gazette Notice and deliver a copy to the Official Recievor
- Liquidator to File a Statement of Affairs for the Company-Form 20 of Insolvency Regulations
- Liquidator shall summon a general meeting at the end of each year
- The liquidator shall give a public notice of the preliminary or interim report of liquidation-Form 25.
- When winding-up is completed, liquidator calls a final meeting of the company by at least 30 days notice in the Gazette and newspaper and submits final account .The Return of Final Account is filed in Form 26 of Insolvency Regulations 2013.
- File with the Registrar ,Return of the meeting in Form 105 of Insolvency Regulations 2013
- Three months later the company is automatically dissolved