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Glossary

A B C D E H I L M O P R S U W

Winding-up Order

An incorporated company itself, a creditor, a contributory, or an official receiver may present a petition for winding-up a company. If the petition is sanctioned by a Court, a “Winding-up Order” would be issued.

Winding-up Petition

A petition presented to the Courts by a person or company who wishes for another company to be wound-up and enter into compulsory liquidation. In many cases one company will petition to wind up another because it is owed money and cannot recover the debt.