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of <h1>Understanding Company Winding Up: Dissolution Process, Liquidation, and Legal Implications Under Section 271</h1> Winding up a company is the process of dissolving it, involving asset collection, debt payment, and distribution of any surplus among members. It is distinct from insolvency, as a company can be wound up even if solvent. Winding up can be initiated by various parties through a petition to the Tribunal, leading to either compulsory or voluntary winding up. Voluntary winding up can be further divided into members' or creditors' voluntary winding up. The process involves appointing a liquidator, handling legal proceedings, and ensuring priority payments. Fraudulent conduct during winding up can result in personal liability and penalties.
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