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Winding Up of Companies – Quiz to test yourself !

Winding Up

Winding up of a Company is defined as a process by which the life of a company is brought to an end and its property administered for the benefit of its members and creditors. An administrator called the liquidator is appointed and he takes control of the company, collects its assets, pays debts and finally distributes any surplus among the members in accordance with their rights. At the end of winding up, the company will have no assets or liabilities. When the affairs of a Company are completely wound up, the dissolution of the company takes place.On dissolution, the company’s name is struck off the register of companies and its legal personality as a corporation comes to an end.

Here is an interesting quiz to check your knowledge.

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