winding up

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A procedure by which a company can be dissolved. It may be instigated by members or creditors of the company (see voluntary winding-up) or by order of the court (see compulsory winding-up). In both cases the process involves the appointment of a liquidator to assume control of the company from its directors. He collects the assets, pays debts, and distributes any surplus to company members in accordance with their rights.

Subjects: Law.

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