Danica
Winding up is a method through which the disintegration of a company is brought about and also its assets are realized as well as used in the return of its debts. Once the debts are satisfied then the remaining balance (if in case any) is actually paid back to the members in percentage to the offering made by them to the capital of the company.
The process of voluntary winding up or liquidation of company is carried out by the Shareholders or Creditors in case the company becomes insolvent & is unable to discharge its liabilities.
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