Govt launches portal to streamline closure of cos

NEW DELHI: In a bid to streamline the procedure for closure of companies, the government on Wednesday launched a web portal to provide information about the official liquidators and the entities undergoing dissolution.

A liquidator is the officer appointed when a company goes for winding-up or liquidation. He responsibile for collecting all the assets of the company and settling the claims against the company before dissolution.

The portal would have all the information about the offices of liquidators and the respective court jurisdictions for winding up and dissolution of companies.

It will also provide information about sale and auction notices issued by various official liquidators regarding properties and assets of companies under liquidation and ordered to be sold by the courts.

This would make the work of liquidation efficient, expeditious and transparent within the existing framework of the Companies Act, 1956, the Ministry of Corporate Affairs said in an official statement .

The Ministry of Corporate Affairs has also undertaken different initiatives to improve the management of records and the accounting procedures to be applied by official liquidators in connection with the winding up process.

At present, winding up and liquidation of companies are done according to the Companies Act, 1956, under the supervision of the courts.