Note: The Company Closer approval usually takes 6 months for the Company

Overview – Closer of Company / Winding up of company
Closing a company under the Companies Act 2013 is a process of liquidation, which is followed when the company has no more assets to pay off all its liabilities. The procedure of company closure is managed by the Companies Act, of 2013. The closer process can be initiated by the company Director or the Company can appoint a Liquidator for the settlement of all dues and process for the closer of the Company. 
Further, when a Company is brought to an end because of certain reasons it is called company closure. If a company or business goes bankrupt or the business fails or there is a major loss the close company is initiated. Closing a company means closing of a company. Before closing the company money has to be paid off to the creditors and assets are distributed among the authorities. The process of closure up includes a lot of documentation and legal procedures. There are multiple steps that have to be followed in order to close a business under Companies Act 2013.
 

Advantages of Voluntary Closing a Company

• Voluntary closing of companies are aiseat way to deal with your business problems. They help you get rid of all the debts and liabilities that would otherwise make it difficult for you to continue running your business. The process is very simple, and you can do it on your own at home or in a small office space.
• The advantages of closing a company up are that it is cheaper and quicker than a compulsory closing. It also allows the company to continue trading while the liquidation process takes place, which means it can continue paying its creditors until they have been paid in full.
• This will not be binding on creditors or employees if you did not give them notice of your intention to close your company prior to being served with a petition for administration. This means that all debts owed by the business will remain valid even after closing up has taken place.
   

Disadvantages of Company Closure

• In the event that you are thinking about a voluntary closing, there are certain disadvantages to consider. The most significant disadvantage is that it will take time for your company to close down and liquidate. This can be especially problematic if you have customers or suppliers who rely on your business. 
• The disadvantage of companies closure is that the company will have to pay for the costs involved in closing up, such as legal fees, court expenses and administration costs. This can also lead to a lack of funds being available for the business owner to continue trading or pay off creditors. If there are any assets left after all debts have been paid, they may still need to be sold at a low price which will mean less money coming into the business owner’s pocket.
   

Documents that are required for voluntary company closure:

• For voluntary closing of companies, the PAN card of that company is required. 
• A written declaration of the organization’s financial balance is required. 
• A statement of accounts of the company that is being wound up is required. 
• A return document in which all the records that are available are explained and reviewed by a chartered accountant. 
• An application is also required in the name of the organization which will mention evacuation.