Winding up is a method of putting an end to the company for putting an end to the company's life winding up of a company is generally a process whereby its life is ended and its property administrator for the benefit of its creditors and its members of the company.
An administrator is called the liquidator is appointed and he takes the control of the company fulfilling the debts that are incurred by the company and distribute the surplus amount among the members of the by the rights of the member of the company.
The concept of winding is very different the concept of insolvency
After the commencement of winding up its corporate status and powers continuous even after the winding up of the company. The winding-up precedes before the dissolution of the company.
The winding-up is a proceeding employing which in the dissolution of the company is brought about and in the course of which it asset are collected and realized and apply it in payment of debts and when these are satisfied the remaining amount is applied for returning to its member the sum which they have contributed to the company.
The winding-up of a company and dissolution of a company as synonymous to each other as winding-up is a process whereby all the Assets of the company are released and used to pay off the liabilities of the member's dissolution of the company makes the place after the entire process of winding up is over The dissolution puts the company to an end
The dissolution order that is passed by the court and the life of the company
When the winding of process is over the company will have no access or liability it is only after the affair of the company are completely wound up The dissolution of the company takes place in case of dissolution of companies name is struck off the register of the companies and legal personality of the company comes to an end.
Ground for winding up of a company
