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Winding Up a Company

Continuing our series of basic informative articles Cheryl Sacks explains winding up a company
Winding up or liquidation is the process of realising a company's assets to settle any debts. Any surplus is distributed to those entitled to it. Then the company ceases to exist — that is it is dissolved and struck off the Register of Companies. Liquidations are governed by Insolvency Act 1986. A liquidator who must be a licensed insolvency practitioner performs the winding up. The words winding up and liquidation are used interchangeably below.
Reasons for winding up a company include:
●     cessation of trade;
●     retirement of directors and majority shareholders with nobody to take over the business;
●     shareholders...

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