Winding down of the operations of a Company

Client : A captive software development company

Service Offered : Winding down of operations

Sector / Industry : IT/ITeS

Client
Objective

The Group invested a significant amount of share capital in the Company along with the investments in fixed assets and other operative assets. Based on a strategic decision at the global level, it was decided to wind down the operations and subsequently, liquidate the Indian Subsidiary by way of voluntary liquidation. The decision to exit from India entailed activities like realization of the assets, separation of employees and discharging liabilities in India, terminating contracts/agreements. After the announcement of the closure decision by the local management in India, the finance team was the first to exit from the Company (considering an absence of growth perspective and uncertainties of employment), even before the business operations were discontinued and winding down was initiated. The Company had employed various consultants for different functions.

Client
Solution

Considering the nature of the project and activities involved, this project was divided into three phases, (i) handover of the finance work (basic requirements from the client) and educate the handover (HO) team on other areas which are critical for closure of operation (pre empted by Nexdigm basis its experience), (ii) prepared a road map for the entire project after fact finding and presenting to HO team and (iii) implementation of winding down road map post discontinuance of the operations of the Company.

solution
Impact

Nexdigm ensured that the wind down of business operations and other related activities of the Company were completed smoothly, in a timely manner. All the critical issues were discussed with the HO and appropriate recommendations/suggestions were also provided to ensure correct decision making. Nexdigm’s comprehensive approach ensured complete coordination, timely updates to stakeholders, and safeguarding the interest of the Company in the absence of the local management team. Nexdigm was the single point of contact for the HO for all their, finance, and administration requirements.

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