Winding up of a company is the stage , where by the company takes its last breath. It is a process by which business of the company is wound up, and the company ceases to exist anymore. All the assets of the company are sold, and the proceedings collected are used to discharge the liabilities on a priority basis.
- Modes of Winding Up
There are three ways, in which a company may be wound up. They are :
- Winding up by the court.
- Voluntary winding up,
- Members Voluntary winding up.
- Creditiors Voluntary winding up.
- Winding up subject to supervision of the court