ABSTRACT
A company or other type of corporation comes into existence by virtue of legal incorporation. A company ceases to exist by going first of all through a process called winding up. The process is similar for all corporate entities although there are some differences as regards detail. In this chapter, the authors briefly survey the types of winding up in the region as well as the procedures for their implementation. There are two types of winding up process: involuntary (or compulsory) winding up, and voluntary winding up. Compulsory winding up comes about by means of a court order to fold a company. Voluntary winding up is usually commenced at the instance of the company or the members of the company. Winding up is sometimes called the liquidation of a company. It is the liquidator of the company who assumes control of the affairs of the company for the purposes of the winding up process.
