Winding up of Company
Unregistered Companies : (583)
In simple words, an unregistered company, is a company which is not registered or covered under provisions of companies Act. 1956 ( 582 )
- An unregistered company, cannot be wound up voluntarily, or, subject to super vision of court.
- However, the circumstances, in which unregistered company may be wound up, are as follows :
- If the company, is dissolved, or has ceased to carry on business, or is carrying on business only for the purposes of winding up, it's affairs,
- If the company is unable to pay it's debt
- If the court is of opinion, that it is just and equitable, that the company, should be wound up.
A creditor, contributory, or company itself by filing a petition, or any person authorized by central government may institute winding up proceedings.
In respect to other aspects, the same provisions and procedure shall follow, as in winding up of registered company.
A foreign company, carrying on business in India , which has been dissolved , may be wound up, as unregistered company.