Setting clear, hard deadlines and continuing in a enterprise-like manner towards a closing is the best policy. A business liquidating voluntarily and in an orderly trend will virtually at all times discover that its creditors, customers, and vendors might be cooperative. If within the midst of such a process the miraculous turn-round event really takes place, reversing course will also be easier. It is a truism of enterprise that a going concern is at all times price greater than its parts. It’s an excellent rule until the enterprise is definitely losing cash and cannot be turned around.
Failure to comply with the above rules might be considered as an offence to the Companies Act by the law and will be treated as a default unless the registrar grants extension of time for holding a meeting. The account shall state all of the profits and losses earned and endured by the corporate from the day of its incorporation. As per section 166 of the Companies Act, the time gap between two Annual General Meetings must not exceed fifteen months.
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