| Judgment obtained against debtor company |
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| Send notice of demand under Section 218 of Companies Act 1965 |
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| Response from judgment debtor company |
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| Full settlement or acceptable settlement proposal where in default may resume fresh proceedings |
No payment |
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| Prepare Winding Up Petition after 21 days of service of Notice of Demand |
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File Winding Up Petition in Court |
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Attend to service of petition on the company |
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Advertisement of petition in local newspaper |
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Hearing of Winding Up Petition |
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No Winding Up Order made |
Winding Up Order made |
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(a) Claims settled
(b) No valid claims
(c) Partial payment or repayment proposal accepted
(d) Proper steps not taken |
Court to appoint a liquidator of the estate and effects of the company |
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Company to cease to carry on business. |
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Petitioner to file Proof of Debt |
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Liquidator to take into his custody or under his control all the property, effects and chooses in action to which the company is or appears to be entitled. |
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Liquidator to prepare statement of the assets, debts and liabilities of the company and the value of those assets as shown by the books and records of the company. |
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Realization and distribution of company's assets |
