Winding-up of LLP

There are various types by which the winding up of LLP can be done which are as follows:

1. Voluntary winding up of LLP

The process of winding up by the consent of a majority of members is known as Voluntary winding up. A declaration is made by the members, claiming the company is debt-free or the debts to be paid in a year.

2. Winding-up of LLP by tribunals

The prior step to this process is that the company wants to wind up. When the tribunal finds out that the company has fewer than 2 members for more than 6 months, the proceedings of winding-up are initiated by the tribunal. There are cases in which the company is not able to clear its debts or has acted in a manner that is not of just and equitable nature then the role of tribunal comes into place.

3. Winding-up and dissolution of LLP

Winding-up is the first step in the process of dissolution of the company. In winding up all the assets are disposed of and in dissolution, the company ceases to dispose of its name from the ROC Register.

LLP winding-up procedure

These are the following steps involved :

1. Filing of petition.
2. Providing a statement of affairs.
3. Advertisement.
4. Appointing a liquidator.
5. Sending of notice to the liquidator.
6. Order for winding-up.
7. Affairs of the company.
8. Dissolution at its final stage.

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