CLOSURE OF PUBLIC LTD COMPANY
A Public Limited Company may be closed either voluntarily by the shareholders or compulsorily by the judiciary.
- To dissolve a Company, at least 2/3rd of the shareholders must adopt the resolution. The management must submit an application to the Register of Companies along with resolution of dissolution, the minutes of the general meeting
- Appointment of liquidator is either members of management or a separate liquidator appointed by the judicial. The liquidator submits the application of dissolution to the Registrar.
- Publication of a notice regarding liquidation of Public Limited Company is sent out, specifying the creditors.ubmit annual report and opening balance sheet to the Registrar upon liquidation.
- Preparation of final balance sheets of Public Limited Company and distribution of remaining assets according to the plan prepared by the liquidators is the final step of liquidation.
- Preparation of final balance sheets of Public Limited Company and distribution of remaining assets according to the plan prepared by the liquidators is the final step of liquidation.