winding up


winding up
n.
Concluding the affairs of a corporation or partnership that is being liquidated, including paying off debts and distributing the remaining assets.

The Essential Law Dictionary. — Sphinx Publishing, An imprint of Sourcebooks, Inc. . 2008.


winding up
an alternative term for the liquidation of a company, the process of bringing to an end the existence and affairs of the company. Companies may be wound up either voluntarily at the motion of either members or creditors or by the court or under the supervision of the court. The winding up is conducted by a liquidator appointed by the court.

Collins dictionary of law. . 2001.


winding up
1) The process of liquidating or closing down a corporation, limited liability company, or partnership. Typically this involves paying off expenses and creditors, settling accounts, and collecting and distributing (to shareholders and owners) whatever assets then remain.
2) With respect to an estate or trust, gathering assets, paying debts, and distributing property to those entitled to inherit it. (See also: personal representative)
Category: Business, LLCs & Corporations → Business Accounting, Bookkeeping & Finances
Category: Business Cash Flow Problems & Bankruptcy
Category: Business, LLCs & Corporations → Business Tax & Deductions
Category: Business, LLCs & Corporations → Buying or Selling a Business
Category: Personal Finance & Retirement → Taxes → Tax Audits
Category: Wills, Trusts & Estates → Estates, Executors & Probate Court

Nolo’s Plain-English Law Dictionary. . 2009.

winding up
+ winding up, Also known as wind up.
USA
The process before dissolution of a business which involves selling all of its assets, paying off creditors, and distributing any remaining proceeds to shareholders.

Practical Law Dictionary. Glossary of UK, US and international legal terms. . 2010.


winding up
v. The process of dissolving a partnership or corporation by collecting all assets and outstanding income, satisfying all the creditors claims, and distributing whatever remains (the net assets). These may be distributed as cash or in kind, first to preferred stockholders, if any, and then to remaining shareholders, if any, pro rata. Winding up is in anticipation of a company's dissolution.
See also liquidate.

Webster's New World Law Dictionary. . 2000.

winding up
n.
   liquidating the assets of a corporation or partnership, settling accounts, paying bills, distributing remaining assets to shareholders or partners, and then dissolving the business. Winding up a non-profit corporation requires a plan for distribution of assets to some charitable or other non-profit entity under the cy pres doctrine.

Law dictionary. . 2013.

Synonyms:
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Look at other dictionaries:

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