ABSTRACT
Liquidation, or winding up, is usually an essential part of the process by which the life of the company is brought to an end. In this process a liquidator is appointed, the management of the company’s affairs is taken out of the directors’ hands, its assets are realised by the liquidator, and its debts and liabilities are ascertained and discharged out of the proceeds of realisation. Any surplus of assets then remaining is returned to its members or shareholders. At the end of the process the company is dissolved and its name is removed from the register of companies. The company as a legal entity thereupon ceases to exist.
