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Winding up of a Company is a process of putting an end to the life of a company by shutting or closing down the company. It is a proceeding using which a company is dissolved, and in the course of such dissolution its assets are collected, its debts are paid off out of the assets of the company or from contributions by its members, if necessary. If any surplus is left, it is distributed among the members by their rights.
The main purpose of winding up of a company is to realize the assets and pay the debts of the company expeditiously and fairly by the law.
A Company may be wound up on the following grounds:
The procedure is as mentioned below:
After the winding up of a company, the company has to distribute the excess among the shareholders and then it ceases to exist. In case you wish to know more on this you are advised to contact Enterslice.
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