Voluntary Winding Up
In the case of a voluntary winding up, it is the shareholders (or partners) who trigger the process, through a resolution. The company may or may not be insolvent. If it is solvent, the reason for winding up may simply be that the shareholders feel that their objectives have been reached and that it is time to shut the company down and distribute its assets. A subsidiary may occasionally be wound up by a company because of its diminishing prospects or minimal contribution to the parent company's bottom line. The parent company may decide to wind up such a business if efforts to find a buyer for it are unsuccessful. If the company is insolvent, the shareholders may trigger a winding up to avoid bankruptcy or, in some cases, personal liability for the company's debts.
Effect of Winding Up
Once the winding up process has begun, a company can no longer pursue its business, except in order to complete the liquidation and distribution of its assets. At the end of the process, the company will be dissolved and will effectively cease to exist.
Winding up involves the following −
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