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Describe with the aid of examples, the authorities, representative bodies or persons that exercise some form of authority over the winding up process of a company in each of the type of winding up recognized by the Companies Act 1995.
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Describe with the aid of examples, the authorities, representative bodies or persons that exercise some form of authority over the winding up process of a company in each of the type of winding up recognized by the Companies Act 1995. Winding up is a term commonly associated with the ending of a company's existence1. The purpose of a winding up process is "to ensure that before the company's existence ceases, all its affairs are dealt with, which means removing the company from all its legal relationships. Its contracts must be completed, transferred or otherwise brought to an end; it must cease carrying on business; its liabilities must be met as far as possible and lastly the legal proceedings to which it is party must be determined2." On liquidation, the directors of the company lose all powers of management and any transactions undertaken by the company after the commencement of the liquidation...
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