| Commentary

184 Winding up

| Commentary

E: VOLUNTARY WINDING UP

1: INTRODUCTION

184 Winding up

Winding up is the procedure whereby the assets of a company are realised for the benefit of the creditors and contributories of the company concerned, and the proceeds of realisation applied in accordance with the statutory scheme. Winding up is carried out by a liquidator who is nominated by either the creditors or contributories of the company, and who must be a licensed insolvency practitioner1. The liquidator has duties prescribed by law to investigate the affairs, dealings and property of the company.

A company2 may be wound up either compulsorily by the court, or

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