Liquidation of a company means the legal way of ending the company in which assets are discharged and sold out to repay the creditors whereby the business is closed and its name is removed from the record of the Company Registrars Office (OCR).
In Nepal, the major law governing the liquidation process of a company are:
Meanwhile, for liquidating a bank and financial institution, there is a specific act, Bank and Financial Institution Act, 2017to govern liquidation.
Method of liquidation
There are mainly two exit options available for the companies that want to shut down their businesses which are mentioned below:
- Voluntary liquidation
- Compulsory liquidation
Voluntary …
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