• General meeting- Before making a declaration, the company's board of directors must hold a Board Meeting. Directors are obliged to certify that the company is solvent, that there are no outstanding debts as of the current date, or that all outstanding debts have been paid. Additionally, it must state that there was no fraud involved in the company's closure.
• Fixing the date- The board of directors must set the date, time, and location for the general meeting.
• Issuing the notice- After determining the date and time of the general meeting, the board of directors must issue the notice.
• Special resolution- In order to wind up the firm, a special resolution must be approved by all of the members and creditors. The company may be voluntarily wound up if two-thirds of the members believe that doing so is necessary to protect the interests of all parties. If not, the company must submit an application to the tribunal.
• Notice of resolution- Within 10 days of the passing of the special resolution, the company must file a notice of resolution with the Registrar of Companies.
• Newspaper publication- The corporation must print the notice in a prominent newspaper distributed near its registered office within 14 days of passing the resolution.
• Filing of certified copies- The company must file certified copies of any special resolutions adopted at general meetings within 30 days of the meeting.
• Liquidator Account- The company must compile and have audited the liquidator’s account.
• Final Board Meeting- The business must call the final general meeting and adopt a special resolution authorizing the destruction of the company's records of accounts.
• Application to Tribunal- Within two weeks following the final general meeting, the company must file an application to the Tribunal together with a copy of the account statement.
• Final decision- Within 60 days of filing an application, the tribunal may issue an order for the dissolution of the corporation if it is satisfied with the documents filed and that all requirements have been met.
• Record of ROC- The company liquidator must submit a copy of the order to the Registrar of Companies.
• Gazette publication- To announce the company's dissolution, the Registrar of Companies must publish a notice in the official gazette.