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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:
1. Voluntary
winding up; and
2. Winding up
by Court
Voluntary winding up
Voluntary winding is
divided into:
(A) 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.
(B) 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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