a report on procedure of winding up partnership firm case study
Answers
Explanation:
1) One has to submit a declaration to Registrar of companies, stating that the company will pay its dues and liquidation is not defraud any person.
2) Within four weeks of such declaration, the special resolution has to be passed for approval of the proposal of voluntary liquidation and appointment of the liquidator.
3) Within five days of such approval, the public announcement in newspaper and website of the company has to be made for inviting claims of stakeholders.
4) Within seven days of approval, intimation should be given to ROC and broad.
5) Submission of a preliminary report containing capital structure, estimates of assets and liabilities, proposed plan of action within 45 days to a corporate person.
6) Verification of claims within 30 days and preparation of a list of stakeholders within 45 days from the last date of receipt of claims.
7) For the receipt of money due to corporate person, a bank account needs to be open in the name
Of the corporate person having words `inventory liquidation’ after its name.
8) Sale of asserts and recovery of dues money, uncalled capital is realized.
9) The proceeds from realization to be distributed within six months from receipt of the amount to the stakeholders.
10) The final report by the liquidator has to be submitted to the corporate person, ROC, the board, and application to NCLT(National company law Tribunal).
11) The order of NCLT regarding dissolution to be submitted within 14 days of receipt of order.
To learn more:
i)https://brainly.in/question/6756591
ii)https://brainly.in/question/5936411
Winding up of partnership firm:
• As clear under Section 39 of the Indian Partnership Act 1932, termination of partnership firm occurs when the partnership between all the partnership firms is disbanded.
• On dissolution of the partnership firm stops to exist as a going concern. The partners no longer keep their rights, and the relation among them changes, often reconstructing another new firm.
• The winding-up of partnership firm consequences in de-management of internal affairs, liquidation of properties and discharge of debt out of the realized proceeds. Sections 40 to 44 of the Indian Partnership Act 1932 deal with the closure of the partnership firm with or without the intervention of the court.