Procedure for Winding Up of a Company

● A special resolution must be passed in the company in the context of winding up and the consent of 3/4th of its members is required for the winding up to be carried out by the court.
● A list of the total assets must be prepared in order to confirm that the company is no more able to pay its debts.
● A list of the creditors must be prepared.
● In the context of any defaults in payments, the creditors of a company are required to make a decision for filing a petition in the court of law.
● Advocates must be engaged to prepare and file the petition.