This document discusses the winding up process for companies in Pakistan. It outlines three types of winding up: by court, voluntary winding up, and subject to supervision of court. Winding up by court can occur if statutory meetings or annual general meetings are not held, practical work is not started on time, or minimum director requirements are not met. Voluntary winding up involves either members or creditors passing a special resolution for winding up. Liquidators are then appointed to sell assets and call a final meeting. Winding up subject to court supervision occurs when shareholders bring a case to court due to doubts about directors.

1. PRESENTATION

2. Presented by:
Awais Ali
Presented to:
Sir Usman

3. Winding up of companies
Company is an artificial birth that’s why the death of
company is also un-natural. Company winds up by a
legal procedure. Company is registered in SECP and
also winds up from there.
Procedures:
1) Winding up by Court
2) Voluntary winding up
3) Subject to the supervision of Court

4. Winding up by Court
 If statuary meeting is not conducted in three to six
months after issuing shares then company is winds up by
rule.
 If company is not conducted annual general meeting in
consecutive two years then the license of company is
canceled by rule.
 If company does not start their practical work form the
next day to one year after getting commencement
certificate then the license of company is cancelled.

5.  Company must be registered within three months after
three years after receiving commencement certificate.
 If any company does not satisfy the minimum limit of
directors at any time then the company is wind up at that
time. i.e.,
In public limited company directors becomes 6 instead
of seven then company is winds up
In private limited company director becomes 1instead of
2 then also company winds up at that time.

6. Voluntary winding up
Two types of voluntary winding up:
 Members voluntary winding up
 Creditors voluntary winding up

7. Members voluntary winding up
 Call an extraordinary meeting by directors minimum
75% special resolution is pass in this meeting for
winding up of company.
 Preparation and submission of declaration report.
 Appointment of liquidators:
Directors appoints liquidators and liquidators sold out all
assets of company on market value.
 Final meeting and winding up of company:
Liquidators calls final meeting and present report to
directors and shareholders.

8. Creditors voluntary winding up
 Calls an extraordinary meeting:
Directors calls an extraordinary meeting on the request
of creditors. In this meeting pass special resolution upto
75% minimum subscription.
 Appointment of liquidators:
Directors appoints liquidators and liquidators sold out all
assets of company on market value.
 Final meeting and winding up of company
Liquidators calls final meeting and present report to
directors and shareholders.

9. Subject to supervision of court
 If shareholders have any doubt on directors then they
case in court. After that the process of winding up of
company under the supervision of court.

10. Thanks