Winding Up
/ˈwaɪndɪŋ ʌp/
Definitions
- (n.) The process of closing a company by liquidating assets and settling liabilities to end its legal existence.
The company's winding up was completed after all debts were paid.
- (n.) The formal dissolution procedure of a partnership or corporation under relevant statutes.
The partners agreed to commence the winding up of the business.
Related terms
See also
Commentary
'Winding up' primarily refers to the corporate closure process; careful distinction between voluntary and compulsory winding up procedures is important in drafting and interpretation.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.