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winding up

Last modified: Thu Feb 23 16:37:38 2006

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.

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