Winding up
The legal process of bringing a company’s affairs to an end, realising assets, paying creditors where possible and ultimately dissolving the company.
Related terms
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Winding-up order
A court order placing a company into compulsory liquidation.
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Statement of affairs
A formal summary of assets, liabilities and creditor claims prepared for certain insolvency processes to show the financial position at a particular date.
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Liquidator
The insolvency practitioner responsible for conducting a liquidation, realising assets, investigating relevant conduct and distributing funds according to insolvency law.
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