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of <h1>Old Section 305 affidavit duty for directors in voluntary winding up and penalties for false debt-free declarations explained</h1> Section 305 of the Companies Act, 2013, now omitted by the Insolvency and Bankruptcy Code, earlier required directors, before a voluntary winding up, to declare on affidavit that they had fully inquired into the company's affairs and believed it had no debts or could pay them in full from asset proceeds. The declaration had to be made within five weeks before the winding-up resolution, filed with the Registrar, state the winding up was not to defraud anyone, and be accompanied by audited financials and a registered valuer's asset report. Failure to fully pay debts created a presumption of lack of reasonable grounds, and directors faced imprisonment or fine for unjustified declarations.
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