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Abstract
The entire procedure for bringing a lawful end to life of company is divided into two stages. These two stages are winding up and dissolution. Winding up of company is defined as a process by which the life of a company is brought to an end and its property administered for benefit of its members and creditors.[1]It is the last stage, putting an end to life of a company. The main purpose of winding up is to realize the assets and make the payments of company’s debts fairly. Thus, winding up is the process by which management of a company’s affairs is taken out of its directors, its assets are realized by a liquidator and its debts are discharged out of proceeds of realization