Aspect Liquidation Winding

Up

Definition Turning Closing a

company company
assets into and
cash to distributing
pay debts its assets

Purpose To pay off To dissolve

debts and the
obligations company
completely

Who Starts Can be Usually

It? started by started by
company company
owners or owners or
a court a court

What Assets are Assets are

Happens? sold to get collected
cash and shared
out

End Result Company Company

stops is
operating officially
after debts closed and
are paid no longer
exists

Types Voluntary Members'

(owners (owners) or
choose) or creditors'
compulsory (debtors)
(court voluntary, or
orders) compulsory
(court
orders)

Liquidator's Person in Person in

Role charge of charge of
selling closing the