The K-Zone: winding up

Winding up is the process of dissolving the legal identity of a registered company (see: RegisteredCompany). This process does not happen automatically, even if all the members of the company die; it has to happen at the instigation of the members (directors) -- voluntary winding up -- or of a court. A petition for compulsory winding up may be presented to a court by:

any member of the company, or
a creditor of the company, or
the Department of Trade.

Grounds for winding up include:

the company's being unable to pay its debts;
failing to commence business within one year;
that it would be equitable to wind up.

CompanyLaw