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Winding
up is a process in which the existence of a company is brought to an end, where
assets of a company are collected and realised. The proceeds collected are used
to discharge the company’s debts and liabilities and the remaining balance (if
any) will be is distributed amongst the contributories according to their
entitlement.
The 2
forms of winding up are:
-Voluntary
winding up; and
-Winding
up by Court
Voluntary winding up
Voluntary
winding is divided into:
Members’
voluntary winding up
Members’
voluntary winding up is the liquidation of a solvent company where the
directors have formed an opinion that the company will be able to pay its debts
in full within the period of 12 months after the commencement of winding up as
stated under section 257 of the CA 1965.
Creditors’
voluntary winding up
Creditors’
voluntary winding up is a liquidation of an insolvent company where the
directors make a declaration stating that the company cannot, by reason of its
debts and liabilities, continue its business. A meeting between the company and
its creditors must be summoned within 1 month from the date of the declaration.
Company winding up by Court
Winding
up by Court is also known as a compulsory winding up. It begins with the
presentation of a petition in Court. The petitioners include creditors,
liquidator, the Registrar of companies or the Official Receiver under section
217(1) of Companies Act 1965.
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