By the end of this sub unit, you should be able to:
1. Interpret the law on winding up.
2. Describe the process and requirements of members’ voluntary winding up and creditors voluntary winding up.
3. Advise on procedure of appointment of a liquidator.
4. Explain the circumstances which Court grant a winding-up order.
5. Interpret the meaning of statutory demand and the meaning of inability to pay debts.
6. Explain the qualification and process of appointment of liquidator.
7. Explain the power to restrain proceedings against the company.
8. Describe the process on application to strike off of a defunct company.
Part X Division 1 to Division 4 in Companies Act 1965 provides the legal framework in which companies are wound up and eventually dissolved.