WINDING UP of COMPANY, Modes of DissolutionKHURRAMWALI
Winding up, also known as liquidation, refers to the legal and financial process of dissolving a company. It involves ceasing operations, selling assets, settling debts, and ultimately removing the company from the official business registry.
Here's a breakdown of the key aspects of winding up:
Reasons for Winding Up:
Insolvency: This is the most common reason, where the company cannot pay its debts. Creditors may initiate a compulsory winding up to recover their dues.
Voluntary Closure: The owners may decide to close the company due to reasons like reaching business goals, facing losses, or merging with another company.
Deadlock: If shareholders or directors cannot agree on how to run the company, a court may order a winding up.
Types of Winding Up:
Voluntary Winding Up: This is initiated by the company's shareholders through a resolution passed by a majority vote. There are two main types:
Members' Voluntary Winding Up: The company is solvent (has enough assets to pay off its debts) and shareholders will receive any remaining assets after debts are settled.
Creditors' Voluntary Winding Up: The company is insolvent and creditors will be prioritized in receiving payment from the sale of assets.
Compulsory Winding Up: This is initiated by a court order, typically at the request of creditors, government agencies, or even by the company itself if it's insolvent.
Process of Winding Up:
Appointment of Liquidator: A qualified professional is appointed to oversee the winding-up process. They are responsible for selling assets, paying off debts, and distributing any remaining funds.
Cease Trading: The company stops its regular business operations.
Notification of Creditors: Creditors are informed about the winding up and invited to submit their claims.
Sale of Assets: The company's assets are sold to generate cash to pay off creditors.
Payment of Debts: Creditors are paid according to a set order of priority, with secured creditors receiving payment before unsecured creditors.
Distribution to Shareholders: If there are any remaining funds after all debts are settled, they are distributed to shareholders according to their ownership stake.
Dissolution: Once all claims are settled and distributions made, the company is officially dissolved and removed from the business register.
Impact of Winding Up:
Employees: Employees will likely lose their jobs during the winding-up process.
Creditors: Creditors may not recover their debts in full, especially if the company is insolvent.
Shareholders: Shareholders may not receive any payout if the company's debts exceed its assets.
Winding up is a complex legal and financial process that can have significant consequences for all parties involved. It's important to seek professional legal and financial advice when considering winding up a company.
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1. JESSICA R. JOE
640 Bellmore Avenue, East Meadow, New York 11554
(516) 967-5785
jessica.joe12@stjohns.edu
______________________________________________________________________________
EDUCATION
ST. JOHNS UNIVERSITY SCHOOL OF LAW, Queens, New York
Candidate for J.D., June 2021
Activities: Staff Member, New York Real Property Law Journal; Member, Dispute Resolution
Society; Treasurer, South Asian Law Student Association; Member, Intellectual Property
Law Society; Member, Public Interest Center
STONY BROOK UNIVERSITY, Stony Brook, New York
B.A., magna cum laude, in Political Science, May 2017
Academics G.P.A.: 3.7
Honors: Deans List (eight of eight semesters); Member of Phi Eta Sigma National Honor Society;
Phi Alpha Delta Law Fraternity; Golden Key Honor Society; Sigma Beta Honor Society
EXPERIENCE
EDELMAN KRASIN & JAYE, LLP
Summer Law Clerk
• Drafted and served various motions for summary judgment, dismiss, default and compel on
personal injury matters.
• Researched state and federal cases to determine a link to current trials.
• Worked close with attorneys and assisted in court conferences and depositions.
BLOCK O’TOOLE & MURPHY, LLP, New York, New York
Personal Injury Paralegal, September 2017 – May 2018
• Managed a case load of heavily litigated files through trial.
• Drafted motions and pleadings on all personal injury matters.
• Supported numerous attorneys on motor vehicle, slip/trip and fall and labor law cases.
• Provided legal and administrative assistance for mediations, depositions and trials.
• Assisted with trial preparation, including trial exhibits and trial notebooks
• Communicated with experts, fact witnesses, clients and adversaries.
SALENGER SACK KIMMEL & BAVARO, LLC, Woodbury, New York
Personal Injury Paralegal, October 2016 – August 2017
• Drafted and served various pleadings and motions, including from summons and complaints to
summary judgment, discovery, and default.
• Supported numerous attorneys on motor vehicle, fire, labor law and slip/fall cases.
• Handled all aspects of files from beginning to trial status.
• Assisted with mediation, arbitration, and trial by preparing trial exhibits, trial notebooks and
expert binders.
• Communicated with experts, fact witnesses, clients and adversaries.
GOLDSTEIN & BASHNER, P.C., East Meadow, New York
Legal Assistant, August 2012 – October 2016
• Drafted and served numerous pleadings and motions from beginning through trial.
• Reviewed files and produced status summaries for attorneys.
• Performed legal research and full administrative support to attorneys and paralegals.
SKILLS
• Fluent in Malayalam
• Proficient in Needles, TrialWorks, SmartAdvocate, ELaw, Ecourts, Webcrims, E-Filing,
LexisNexis, and Westlaw.
