Winding Up Of a Company

An assignment submit to the faculty of BBA in Part fulfillment of requirement of final examination In Legal

Environment in Business

Prepared and Submitted by-

G-7
NAME ID

Hossen Md. Sabbir Shaid Md. Abu Chowdhury Tanveer Ahmed A.B.M Yeah-Yea Hossain Ahsan Ul Alam Md. Didarul Takon Golam saifuddin
COURSE INSTRUCTOR:

08-09984-1 07-09071-2 07-09085-2 07-09666-3 08-11429-2 08-11424-2 07-09168-2

ZARIN, SABRINA

American international University of Bangladesh

AIUB
1

April 15, 2009 ZARIN, SABRINA Department of BBA The School Of Business American International University- Bangladesh.

Sub: Letter of Transmittal. Dear Madam, It gives us immense pleasure in presenting this assignment which was assigned to us as a partial fulfillment of the course of the creative writings. This assignment gave us the opportunity to have an indepth knowledge about Winding up. We have tried our best to fulfill the requirement of the assignment thorough writing. This report is now very priceless to us as it helped to gain experience how to write own language properly preparation and planning on the basis of imagination and it also gave the chance to know the practical knowledge about on the topic. We must mention here that we are extremely grateful to you for your valuable guidance, tireless effort and constant attention as and when required. We will be pleased to answer any sort of query you think necessary as and when needed. Thanking you Respectfully yours,
Hossen Md. Sabbir Shaid Md. Abu Chowdhury Tanveer Ahmed A.B.M Yeah-Yea Hossain Ahsan Ull Alam Md. Didarul Takon Golam saifuddin 08-09984-1 07-09071-2 07-09085-2 07-09666-3 08-11429-2 08-11424-2 07-09168-2

Table of Contents

Acknowledgement........................................................................... ..............04 Executive summary.....................................................................05

Introduction ..............................................................................06

Modes of Winding up.................................................................................... (07-16)

Process of wound up company................................................................ (17-21)

Conclusion...................................................................................... ...................22

Bibliography................................................................................... ................23

Acknowledgement

First we want to thank to our respective course instructor ZARIN, SABRINA for his cooperation. Despite his busy schedule, he was always there to guide us whenever we needed help, his keen insight, advice and suggestion have helped us to improve our report. Her guidelines have enabled us to complete the report which is extremely important for our course Legal Environment in Business.

We would like to remember the smiling face of all the students who give us their valuable time. We would like to thank management of AIUB to provide us a library which gives us sufficient support to collect adequate information.

Last but not the least we are also grateful to some of our friends and well wishers who inspired us to give a formation of this report.

Executive Summary

This assignment is the partial requirement for Dept of BBA, Part fulfillment of requirement of final examination In Legal Environment in Business. Winding up of a company is the process whereby its life ended and its property administered for the benefit of its property administered for the benefit of its creditors and members. Now a days the world is become globalized and company business are increasing rapidly across the world as well as in our country. Most of the students of business are generally known the procedure of forming and starting company business. But this assignment gave us the opportunity to know details about the winding up of a company. There is no doubt about that in the making of assignment we faced many problems but we didnt stop our research work for finding information. We tried our best to collect vast information for this assignment.

Introduction/ Definition of Winding Up

1

The term winding up of a company may be defined as the proceedings by which a company is dissolved (i.e. the life of a company is put to an end). Thus, the winding up is the process of putting an end to the life of the company. And during this process, the assets of the company are disposed of, the debts of the company are paid off out of the realized assets or from the contributories and if any surplus is left, it is distributed among the members in proportion to their shareholding in the company. The winding up of the company is also called the liquidation of the company. The process of winding up begins after the Court passes the order for winding up or a resolution is passed for voluntary winding up. The company is dissolved after completion of the winding up proceedings. On the dissolution, the company ceases to exist. So, the legal procedure by which the existence of an incorporated company is brought to an end is known as winding up.

In the words of Professor Gower Winding up of a company is the process whereby its life ended and its property administered for the benefit of its property administered for the benefit of its creditors and members. An administrator, called a liquidator, is appointed and he takes control of the company, collects its assets, pays its debts and finally distributes any surplus among the members in accordance with their rights.
Under Part IV of the Insolvency Act 1986, There are three separate procedures - a members voluntary winding up where a company is solvent, a creditors voluntary winding up for insolvent companies and a compulsory winding up by the court. Once the process starts the company is administered by a liquidator who disposes of all assets, and distributes the remainder to members or creditors. When the process is complete, the company is struck off the Companies Register and ceases to exist.

Modes of Winding Up
1

Contemporary Theory of Business and Commercial Law. 2. www.clickdocs.co.uk/glossary/winding-up.htm

Section 234 deals with the mode of winding up. There are 3 methods of winding up a companyThe winding up of a company may be either(i) By the Court; or (ii) Voluntary; or (Iii) subject to the supervision of the Court.

Winding up of the company by the Court:

The winding up of a company by an order of the Court is called the compulsory winding up. Section 305 of the Ordinance envisages the following circumstances, under which a company may be wound up by the Court on the petition submitted to It:(a) If the company has, by special resolution, resolved that the company be wound up by the Court; (b) If default is made in delivering the statutory report to the registrar Orin holding the statutory meeting or any two consecutive annual General meetings; (c) If the company does not commence its business within a year from its incorporation, or suspends its business for a whole year; (d) if the number of members is reduced, in the case of private company, below two or, below three in case of public company and below seven in case of listed company.; (e) If the company is unable to pay its debts; (f) If the company is(i) conceived or brought forth for, or is or has been carrying on, unlawful or fraudulent activities; (ii) carrying on business not authorized by the memorandum;

(iii) Conducting its business in a manner oppressive to any of its members or persons concerned with the formation or promotion of the company or the minority shareholders;

(iv) run and managed by persons who fail to maintain proper and true accounts, or commit fraud, misfeasance or malfeasance in relation to the company; or (v) Managed by persons who refuse to act according to the requirements of the memorandum or articles or the provisions of this Ordinance or fail to carry out the directions or decisions of the Court or the registrar or the Commission given in the exercise of powers under this Ordinance; (g) If, being a listed company, it ceases to be such company; (h) If the Court is of opinion that it is just and equitable that the company should be wound up; or (i) Complete deadlock in the management of the company. (ii) Failure of companys main object. (iii) Recurring losses

(iv)Aggressive or oppressive policy of majority shareholders. (v) Incorporation of company for fraudulent or illegal purpose. (vi) Public interest. .

Procedure for winding up of company and filing of petition before respective High Court:
1. To pass Special Res solution by 3/4th majority of the members of the company That the company be wound up by the Court in case if the company itself intend To file a petition and to file the Special Resolution on Form 26 with the Registrar. 2. To prepare a list of the assets to ascertain that the company is unable to pay its Debts. 3. To prepare a list of the creditors 4. In case of defaults in payments the creditor or creditors to make a decision for the filing of the winding up petition.

5. In case if the Commission or Registrar or a person authorized by the Commission intend to file a petition, they should not file a petition, for winding up of the company, unless an investigation into the affairs of the company has revealed that it was formed for any fraudulent or unlawful purpose or that it is carrying on a business not authorized by its memorandum or that its business is being conducted in a manner oppressive to any of its management has been guilty of fraud, misfeasance or other misconduct towards the company or towards any of its members. 6. To engage advocates for the preparation and filing of the petition.

Who is competent to file petition for winding up in the Court

Petition may be presented by any one of the following: 1. The company may itself by passing a special resolution 2. Creditor or Creditors. 3. Any contributory or contributories 4. Registrar of Companies 5. Securities and Exchange Commission of Pakistan or by a person authorized by the Commission

Check List filing of before respective High Court petition:

1. Have you gone through General Heading
provided under rules. 2. Whether the petition is prepared / drafted on and in accordance with the Rules. 3. Have the petitions / written state ends / affidavits and other proceedings are being presented to the Court is fairly and legibly written, type written, cyclostyled etc. and in accordance with the format described under the Rules. 4. Have the language of the said documents stated at column 3 are in language of the Court? Rule 4 of the Rules Rule 75 of the Rules Rule 5 of the Rules

Rule 6 of the Rules

Documents to be annexed with the petition

1. Petition for winding up to be filed on form prescribed under the Companies Rules, (On Form 24 (General Form) (Form 25 (petition by creditor) Form 26 (petition by company) Rule 75 read with rule 4 of the Rules 2. Affidavit verifying the petition on Form 1 Rule 16 read with rule 4 of the Rules . 3. Copy of special resolution in case if the company itself intends to file petition Section 172 of the Ordinance. 4. Copies of the agreements and other documents on the basis of which creditors intend to file a winding up petition will be annexed with the petition. 5. All other supporting documents on the basis of which the petitioner rely as evidence.

Voluntary winding up of members of the company

(a) on expiration of the period fixed for the duration of the company by its Articles of Association or on occurrence of event leading to dissolution of the company as provided in the Memorandum and Articles of Association and company has to pass a special resolution in general meeting for its wound up voluntarily within five weeks of filing of declaration of solvency, and (b) on passing of the special resolution that the company be wound up voluntarily. A voluntary winding up is deemed to commence at the time of passing of the resolution for voluntary winding up. The company ceases to carry out business just on commencement of winding up. However, it can carry on its activities and business for beneficial winding up of the company.

PROCEDURE FOR VOLUNTARY WINDING UP

The following steps are to be taken for Members voluntary winding up under the Provisions of the Ordinance, and the Companies Rules.

Step 1. Where it is proposed to wind up a company voluntarily, its directors make a declaration of solvency on Form 107 prescribed under Rule 269 of the Rules duly supported by an auditors report and make a decision in their meeting that the proposal to this effect may be submitted to the shareholders. They, then, call a general meeting (Annual or Extra Ordinary) of the members (Section 362 of the Ordinance) Step 2. The company, on the recommendations of directors, decides that the company be wound up voluntarily and passes a Special Resolution, in general meeting (Annual or Extra Ordinary) appoints a liquidator and fixes his remuneration. On the appointment of liquidator, the Board of directors ceases to exist. (Sections 358 and 364 of the Ordinance) Step 3. Notice of resolution shall be notified in official Gazette within 10 days and also published in the newspapers simultaneously. A copy of it is to be filed with registrar also. (Section 361 of the Ordinance)

Step 4. Notice of appointment or change of liquidator is to be given to registrar by the company along with his consent within 10 days of the event.(Section 366 of the Ordinance) Step 5. Every liquidator shall, within fourteen days of his appointment, publish in the official Gazette, and deliver to the registrar for registration, a notice of his appointment under section 389 of the Ordinance on Form 110 prescribed under Rule 271 of the Rules.

Step 6. If liquidator feels that full claims of the creditors cannot be met, he must call a meeting of creditors and place before them a statement of assets and liabilities. (Section 368 of the Ordinance) Step 7. A return of convening the creditors meeting together with the notice of meeting etc. shall be filed by the liquidator with the registrar, within 10 days of the date of meeting. (Section 368 of the Ordinance) Step 8. If the winding up continues beyond one year, the liquidator should summon a general meeting at the end of each year and make an application to the Court seeking extension of time. (Section 387(5) of the Ordinance) Step 9. A return of convening of each general meeting together with a copy of the notice, accounts statement and minutes of meeting should be filed with the registrar within 10 days of the date of meeting. (Section 369 of the Ordinance) Step 10. As soon as affairs of the company are fully wound up, the liquidator shall make a report and account of winding up, call a final meeting of members, notice of convening of final meeting on Form 111 prescribed under Rule 279 of the Rules before which the report / accounts shall be placed. (Section 370 of the Ordinance) Step 11. A notice of such meeting shall be published in the Gazette and newspapers at least10 days before the date of meeting. (Section 370 of the Ordinance). Step 12. Within a week after the meeting, the liquidator shall send to the registrar a copy of the report and accounts on Form 112 prescribed under Rule 279 of the Rules. (Section 370 of the Ordinance)

DOCUMENTS REQUIRED WINDING UP BY MEMBERS

FOR

VOLUNTARILY

Special Resolution on Form-26 (prescribed under the Companies (General Provisions and Forms) Rules, 1985 for voluntary winding up. Declaration of Solvency on Form 107 under the Rules. Affidavit by Directors of the company including Chief Executive verifying the attached auditors report, profit and loss account, balance sheet, statement of assets and liabilities prepared from the date of closing of last accounts till the latest practicable date, immediately before the making of declaration. Consent of liquidator. A copy of Notice of resolution passed for winding up the company voluntarily and published in the Official Gazette. A copy of Notice for appointment of liquidator and published in the Official Gazette. A copy of Preliminary report prepared by the liquidator.Final report and accounts of the company prepared by liquidator presented in General meeting of shareholders after finalization of winding up. Notice of final meeting. Return containing fine l report t and accounts along with minutes of meeting to be filed with the concerned Company Registration Office.

CREDITORS COMPANY

VOLUNTARY

WINDING

UP

OF

THE

A procedure has been laid down under the provisions of the Ordinance whereby the company can also be voluntary wound up by creditors. For this purpose, the company shall call a meeting of the creditors of the company to be summoned for the day, or the day next following the day, on which there is to be held a general meeting of the company at which the resolution of voluntary winding up to be proposed.

PROCEDURE WINDING UP

FOR

CREDITORS

VOLUNTARY

Step 1. First of all, the company passes a special resolution in the general meeting of the members of the company for which following steps are to taken:

Board of Directors approves the agenda of the general meeting especially the draft special resolution for winding up of the Company. Notice of the general meeting along with copy of the draft special resolution is given to the members at least 21 days before the general meeting. Special resolution is passed by 3/4th majority of the members of the company and the members appoint a person to be liquidator of the company. Special resolution on Form 26 is filed with the registrar.

Step 2. Meeting of creditors is called at 21 days notice, (simultaneously with sending of the notices of the general meeting of the company) the notice of the meeting of the creditors to be send by post to the creditors, besides, the notice of the said meeting to be advertised in the official Gazette and the newspaper circulated in the Province and the creditors pass a resolution of voluntary winding up of the company. The creditors also appoint liquidator in that meeting. If the creditors and the company nominal tee different persons, than person nominated by the creditors shall be liquidator.

Step 3. Notice of the resolution passed at the creditors meeting shall be given by the company to the registrar along with consent of the liquidator within ten days of the passing of the resolution. The company may either at the meeting at which resolution for voluntary winding up is passed or at any subsequent meeting may, if they think fit, appoint a committee of inspection consisting of not more than five persons. Provided that

the creditors may, if they think fit, resolve that all or any of the person so appointed by the company ought not to be member of the committee of inspection.

Step 4. The liquidator should, with all convenient speed, realize the assets, prepare lists of creditors, admit proof, settle list of contributories, make such calls as may be necessary, etc. accordingly as the nature of the case may require, pay secured creditors, pay the costs including the liquidators own remuneration, pay preferential claims, and after meeting all the claims of creditors, and after adjusting all claims and rights, distribute the surplus on pro rata basis.

Step 5. In the event of the winding up continuing for more than one year, the liquidator shall summon a general meeting of the company and a meeting of creditors at the end of the first year from the commencement of the winding up and lay before the meetings an audited account of receipts and payments and acts and dealings and of the conduct of winding up during the preceding year together with a statement in the prescribed form and containing the prescribed particulars with respect to the proceedings and position of liquidation and forward by post to every creditor and contributory a copy of the account and statement together with the auditors' report and notice of the meeting at least ten days before the meeting required to be held. Step 6. The liquidator prepares the accounts, gets them audited and also presents a final report to the creditors. The steps at this stage are as under: The liquidator prepares a final report and accounts of the winding up, showing how the winding up has been conducted and the property of the company have been disposed of. Accounts are duly audited by the auditor appointed for the purpose. The notice of meeting is sent by post to each contributory of the company and creditor at least ten days before the meeting. The account with a copy of the auditors report is also enclosed with theNotice. The notice of the meeting specifying the time, place and object of the meeting is published at least ten days before the date of the meeting in the official Gazette and in at least one newspaper.

Within one week after the meeting, the liquidator is required to send to the registrar a copy of his report and account, and make a return to him of the holding of the meeting along with the minutes of the meeting. If a quorum is not present at the meeting; the liquidator makes a return stating that the meeting was duly summoned and that no quorum was present thereat. The return is filed with the registrar and Considered as presented in the meeting. The registrar, on receiving the report, account and the return, is required to register them after their scrutiny. On the expiration of three months from the registration of final report, accounts and minutes, the company is deemed to be dissolved.

Winding up of the company supervision of the Court.

subject

to

the

When a company has passed a resolution for voluntary winding up, the Court may of its own motion or on the application of any person entitled to apply to the Court for winding up a company, make an order that the voluntary winding up shall continue, but subject to such supervision of the Court, and with such liberty for creditors, contributories or others to apply to the Court, and generally on such terms and conditions, as the Court thinks just. A petition for the continuance of a voluntary winding up subject to the supervision of the Court shall, for the purpose of giving jurisdiction to the Court over suits and other legal proceedings, be deemed to be a petition for winding up by the Court. The Court may, in deciding between a winding up by the Court and a winding up subject to supervision, in the appointment of liquidators, and in all other matters relating to the winding up subject to supervision, have regard to the wishes of the creditors or contributories as proved to it by any sufficient evidence, but subject to the provisions which would have been applicable had the company been wound up by the court.

Process of wound up a company

1

When closing, selling or winding up a business need to address a number of issues, such as company and business name deregistration, employee payments and cancellation of taxation registrations etc.

Winding up a business the procedure are Succession planning

Selling your business

Closing your business Bankruptcy & insolvency Deregistering or winding up a solvent company Cancel your business name

Transferring ownership

Taxation issues

Dealing with employees

Succession planning
Nobody likes to think about it, but its inevitable that one day a person will leave his own business. Whether the owner decide to sell up, retire or have to get out of business due to health reasons, its important that owner plan for that day. A succession, or exit, plan outlines who will take over anyones business when he/she leave. A good succession plan enables a smooth transition with less likelihood of disruption to operations. By planning owners exit well in advance owner can maximize the value of his/her business and enable it to meet future needs. Make sure succession plan is attainable - set a realistic timetable and measurable milestones along the way and stick.

What to do..

Contact nearest Business Enterprise Centre for free advice and support.

Industry association may be able to assist.

Get professional advice from a business adviser, accountant or solicit.

Selling business

Selling business is one of the most important decisions have to make. Deciding how much business is worth is one of the main issues need to be consider. Other factors to be considered when selling business include when the best time to sell is and whether it should make use of a broker or other professional to maximize selling opportunities.

Valuing business
There are a number of methods for valuing a business, including valuing the goodwill component. To realistically value a business need a good understanding of the marketplace. Over a period of time an industry usually develops its own rules of thumb by which a business is to be valued. There are also formulas that can be used to arrive at the approximate value of a business. One of the most important factors to consider when calculating the value of a business is its future earning profitability.

Closing business

Bankruptcy & insolvency

If cant pay y business debts, and havent been able to reach an agreement with your creditors, then it may decide to go bankrupt. The Insolvency and Trustee Service Australia (ITSA) is the government body responsible for the administration and regulation of the personal insolvency system in Australia.

Cancel your business name

Cancel your business name If a business name is no longer required you'll need to complete and lodge the appropriate forms with your relevant state governments. The time allowed to lodge the form following cessation of business varies from state to state.

Deregistering or winding up a solvent company

If owner going to end he/her business, he/she may decide to wind up the company, or simply deregister it.

Owner can deregister a company if all of the following apply:

All members of the company agree to deregister

The company isn't carrying on business

The company's assets are worth less than $1000

The company has paid all fees and penalties payable under the Corporations Act 2001

The company has no outstanding liabilities The company isn't a party to any legal proceedings.

The members of a solvent company, who're unable to deregister, may decide to wind up the company. The Australian Securities and Investments Commission (ASIC) website provides information on steps that must be taken and the required forms that must be lodged when winding up a company.

Transferring ownership
At some point it may need to transfer part or all of children or bring in a new business partner. ownership of a business to

Owner can meet the specific needs and objectives of family members and or a new business partner by issuing different classes of shares. This allows determining what level of influence they will have over the operation of the business. The main advice many businesses require relates to the tax implications of the transaction-based events associated with selling or closing businesses. This advice may involve separating business and property assets to facilitate the transfer of trading businesses

Taxation issues
Owner must tell the Tax Office if he/she has ceased trading or the business has been sold. owner must also cancel various registrations, such as Business Number; Goods and Services Tax; Luxury Car Tax; Tax; Pay As You Go; or Diesel and Alternative Fuel Grant Schemes.

Keeping details up-to-date to make sure that any activity statements the Tax Office sends reflect current situation. All activity statements that are sent to must be lodged even if this is a nil report because it have not traded in that period and paid by the due date.

Dealing with employees

When a member of staff leaves employment, generally have to make some sort of final payment to them. Many of these payments are known as eligible termination payments. Depending on what's included in the payments make, need to take out different amounts of tax. It may also be generally required to make a bona fide redundancy payment. This is a payment made to an employee who is dismissed because the job they were doing is made redundant. The Tax Office provides guidance on meeting obligations to employees who stop working for you.

Conclusion
Company Law deals with companies recognized by the law to have rights and responsibility like actual people. Just as they are born into existence through its members obtaining a certificate of incorporation, they can die when they lose money into insolvency. Corporation can even be convicted offences, such as fraud, manipulation, etc. The defining feature of a corporation is its legal independence from the people who create it. If a company fails, shareholders will be liable for debts that remain owing to the corporations creditors. As we can see in the real world, many cases harm people in regular life.

Bibliography

Contemporary Theory of Business and Commercial Law.

www.clickdocs.co.uk/glossary/winding-up.htm

Seventh Annual DePaul Business & Commercial Law

Business Law Articles - Commercial Law and Intellectual Property

www.gmp.at

www.thedailystar.net

Individual comments

April 15, 2009 ZARIN, SABRINA Department of BBA

The School Of Business American International University- Bangladesh.

Sub: Letter of individual comments. Dear Madam, Its a great pleasure for us in presenting the assignment on Winding up of a company. We learn many terms and conditions of company business and also its a great experience working with a group. During the group work we all are try our best for collecting accurate information. So that there is no error in the assignment.at eand I think its a very enjoyable for me working with my group members.

Thanking you Respectfully yours,

Hossen Md. Sabbir 08-09984-1

April 15, 2009 ZARIN, SABRINA Department of BBA The School Of Business American International University- Bangladesh.

Sub: Letter of individual comments Dear Madam, During the making of assignment on Winding Up we learn many laws and term of company act.we try our best for making this assignment .This assignment gave us the opportunity to work as team.we all collect data for winding up from various source and then we planning for the task and made the assignment.

Thanking you Respectfully yours,

Chowdhury Waleed Khan 05-06129-3

April 15, 2009 ZARIN, SABRINA Department of BBA The School Of Business American International University- Bangladesh.

Sub: Letter of individual comments. Dear Madam, During the making of assignment at first we think its a very tough assignment for us to complete.But in the end we made it easier by working as a team.Our group named G-8 is a great team.all the group member is very co-operative and they done their task completely with good responsibility.for these reason we were able to submit the assignment with in the time.during the work we all enjoy very much.

Thanking you Respectfully yours,

Shaid Md. Abu 07-09071-2

April 15, 2009 ZARIN, SABRINA Department of BBA The School Of Business American International University- Bangladesh.

Sub: Letter of individual comments. Dear Madam, Within one month of hard working we completed our assignment on Winding up.at first I just scare about the topic wich is assigned for group.Because at first we dont know anything about the winding up.But during the making of assignment we all come to know the meaning of Winding up and the process of winding up and also some laws which are related to company act.after finishing the task we all felt that its a great experience for us.

Thanking you Respectfully yours,

Chowdhury Tanveer Ahmed 07-09085-2

April 15, 2009

ZARIN, SABRINA Department of BBA The School Of Business American International University- Bangladesh.

Sub: Letter of individual comments. Dear Madam, During the making of this assignment we work as team we come to know vast information and laws about the Winding Up of a company.theis is a great experience for us and its also important for our future.working with a group at first I face some problem but at end I enjoyed it very much.

Thanking you Respectfully yours,

A.B.M Yeah-Yea 07-09666-3

April 15, 2009 ZARIN, SABRINA Department of BBA The School Of Business American International University- Bangladesh.

Sub: Letter of individual comments. Dear Madam, I am very greatful to u for giving us a opportunity to earn vast konwldge on Widing up.There is no

doubt about that in the making of assignment we faced many problems but we didnt stop our research work for finding information. We tried our best to collect vast information for this assignment.And at last we completed the assignment with a wide range of experience.

Thanking you Respectfully yours,

Hossain Ahsan Ul 08-11429-2

April 15, 2009 ZARIN, SABRINA Department of BBA The School Of Business American International University- Bangladesh.

Sub: Letter of individual comments. Dear Madam, As a student of business we all should know about the starting and existence of a company.The assignment called winding up is generally known as the ending of business in manner of act.so this assignment is very important for us and it will help us in the future.

Thanking you Respectfully yours,

Alam Md. Didarul 08-11424-2

April 15, 2009 ZARIN, SABRINA Department of BBA The School Of Business American International University- Bangladesh.

Sub: Letter of individual comments. Dear Madam, Its a great pleasure for us in presenting the assignment on Winding up of a company. This assignment gave us the opportunity to work as team.All the group members are very helpful and fun loving people.not only we completed our assignment we also do some activity that is out of selebus.its agreat team for made an assignment and I will never foget some loving memories of it.

Thanking you Respectfully yours,

Takon Golam saifuddin 07-09168-2