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Closing down of a private company becomes necessary when the business is shut down and all the audits and accounts of company becomes tedious for the members. The process of winding up of the company can be voluntarily done by the members or forcefully done by the court or tribunal. Shutting down of the private limited company can be a difficult process.




  1. A board meeting of at least 2 directors is to be held to pass the resolution declaring the defunct of the firm.
  2. After the resolution has been passed, there is a creditors’ meeting held where if all the creditors approve of the defunct for the benefit of everyone, only then it is dissolved.
  3. After the resolution has been passed, the tribunal decides on the dissolution


Documents Required


  1. Affidavits signed by at least 2 directors are required to state the operation period of the firm and its dissolution.
  2. Indemnity bond duly signed by two directors stating that liabilities are to be met even if the firm is dissolved.
  3. Accounting information of the firm is required one month before it has been dissolved.
  4. Financial Statements are required to be submitted as well.




  1. Can the company be dissolved if there are no directors?


The directors' signatures of the company are required for approval of certain documents; therefore, directors are necessary for dissolution.


      2.   Is it necessary for the company to be closed if it has stopped trading?


You may not close the company if it has stopped trading. It can be dormant for taxes.