Limited Liability Partnership

This query is : Resolved

CA Pintu Mishra (Querist)
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13 January 2011 As per Easy Exit Scheme 2011, it is applicable for the defunct companies which has nil assets and nil liability and does not has any operative income after 1.4.2008.
In case company having positive reserves which had no business after 1.4.2008 repays its liabilities and after that some amounts remains as cash in hand.
Can the company go for this scheme?
If it can then what should it do with available cash balance?

CA.Yeshwant Mehta

CA.Yeshwant Mehta (Expert)
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14 January 2011 Yes, you can apply. Square off the surplus cash by distributing amongst the shareholders. Need any help write to me on: ca.ysmehta@icai.org