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Company Winding-Up
Winding-up or liquidation is the process by which the company is dissolved. It means applying the assets of a company in the discharge of its liabilities and returning any surplus to those entitled to it, subject to the costs of doing so.
When a company is dissolved and its name is struck off the Registrar of Companies, it may be said for all practical purposes that the company dies.
There are two types of winding-up namely:-
(a) by the Court; or
(b) voluntary.
The different between the two lies in the manner in which the wing-up is initiated.
Winding-up by the Court
This kind of winding-up is initiated by the presentation of a petition by a person who is entitled to do so. A petition for the winding-up of a company by the court may be presented even if the company is in voluntary liquidation. The court may make winding-up order unless he is satisfied that the voluntary winding-up order be continued with due regard of the creditors or contributories.
The Companies Act 1965 provides that the following persons may petition for the winding-up of a company:-
(a) the company itself;
(b) a creditor;
(c) a contributory;
(d) the personal representative of a deceased contributory;
(e) the trustee in bankruptcy or official assignee;
(f ) the liquidator;
(g) a judicial manager appointed under Part VII A, and
(h) various Ministers on specified grounds.
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