Main Article Content
Abstract
The word ‘Company’ generally means a group of persons associated for some common purpose with mutual goals such as business, research etc.; here ‘Company’ has been used in legal sense i.e. a company incorporated or registered under the companies Act. Here, a company is an artificial person created by a legal process which known as incorporation. Therefore events affecting individual member such as death, insolvency etc. do not affect the existence of the company or the last stage in life of the company. Winding up is a term commonly associated with the ending of a company existence. By this process life of the company is ended and its property is administered for the benefit of its creditors and members.