Winding up is really a method of putting a finish to the life of a company. In what of Professor Gower, “Winding up of a company is the method whereby its lifestyle is ended as well as property is administered for the main benefit of its creditors and also members. An officer, called as the liquidator is equiped and he takes control in the company, collects its resources pays its debts lastly distributes any surplus one of the members according to their rights. ”.
Lecture on Winding Up
