Lawiki for and by law students - find us on Facebook if you want to help us edit this Law Wiki.
Not professional advice - LAWIKI cannot guarantee the validity of any information
Winding up is the process of dissolving the legal identity of a registered company (see: Registered company). 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.