Describe briefly the various methods of winding up of a company.
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Answer:
definition
liquidation of a small win by the adaptation of a resolution for voluntary winding up of business like its shareholders who also choose and appoint the liquidator since it is not an solvency procedure it requires a statutory declaration of solvency by difference board of directors it is commonly a criminal offence to make this declaration without sound grounds although the involvement of a court is not required the qualified liquidator must be appointed after the resolution if it is discovered that the assets will not be sufficient to cover it celebrates the unsecured creditors can take charge of the liquidation process which is then turn the compulsory liquidation also called members voluntary winding up adjust voluntary winding up.
members voluntary liquidation
this is where the shareholder of company decided to put company into liquidation and there are enough assets to pay all the books of the company i.e. company solvent.