Company law audio
Description
Vocal Characteristics
Language
EnglishVoice Age
Young Adult (18-35)Accents
Indian (Hinglish)Transcript
Note: Transcripts are generated using speech recognition software and may contain errors.
everybody today, we are going to talk about a very important topic of company law. The difference between winding up and resolution many at times the tones winding up and dissolution are used interchangeably. This is not correct. There are very important differences in these two terms, which are winding up is the first stage of ending the legal existence of the entity. In the stage, the assets of the entity are realized, its liabilities paid off and surplus, if any, is distributed amongst them contribute trees, whereas dissolution is the final stage. After completion of finding a process and by act of law, the legal existence of the entity comes to an end. The winding up process is handled by a liquidator or an insolvency professional. The dissolution can happen only by way of an order passed by the adjudicating authority, creditors can prove their claims during winding up, but not on dissolution, since the entity no longer exists, winding up need not result in the solution. In all cases, a company which is in winding up, can be taken over or amalgamated by any other entity or company, which will result in the company coming out of the winding a process and being handed over to the shareholders. This is not possible in the case of resolution. Thank you so much everybody for joining me today, and understanding the difference between winding up and dissolution, See you all tomorrow.