WINDING UP OF COMPANIES
Winding up of company is the process whereby its life is ended and its property administered for the benefit oft its creditors. An administrator, called liquidator, is pays its debts and finally distributes any surplus among the members in accordance with their rights. In other words, winding up or liquidation of a company is a legal process by which the business of a company is closed, i.e., the assets of the company are realized, its creditors are paid off, an the surplus, if any, is distributed among the members in accordance with their rights as provided in the articles of a company.
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