It is advisable to resolve any pending legal disputes before initiating the closure process. Closing an OPC with unresolved legal matters may lead to complications. Ensure all legal issues are appropriately addressed for a smoother closure.

In most cases, the appointment of a liquidator is not mandatory for OPC closure. The sole member can play a significant role in the dissolution process. However, it is essential to check specific regulatory requirements and seek professional advice if needed.

During the closure process, the assets of the OPC are typically liquidated and used to settle outstanding liabilities. Any remaining assets after settling debts may be distributed to the sole member as per the dissolution plan and legal requirements.

Yes, an OPC that has not commenced business operations can still be closed. The closure process for such cases may involve fewer complexities compared to an active business. Ensure compliance with regulatory requirements even if the business has not started operations.

Failing to follow the proper closure procedures for an OPC can lead to legal and financial repercussions. Unresolved liabilities may persist, affecting the sole member’s personal liability. It is crucial to adhere to regulatory requirements to avoid any adverse consequences.