Winding Up Of Company

   Winding up is a process by means of which the affairs of a company are wound up in a manner to dissolve the company and put an end to the life of a Company. In the process of winding up, the company’s assets and properties are administered for the benefit of the members and creditors of the Company. The administrator, called liquidator, realises its assets, pays its debts and finally distributes the surplus, if any, among the members/creditors, in accordance with their right as provided in the article of the Company.
   In other words, winding up is a legal process to dissolve the business of a company. The term “Winding Up” and “liquidation” are used interchangeably. However, there are various means of winding up, i.e., by way of- members’ voluntary up, creditors’ winding up, winding up by the tribunal etc.