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WINDING-UP
(Or liquidation) - the procedure whereby the assets of a company (or partnership) are gathered in and realised, the liabilities met and the surplus, if any, distributed to members.
WINDING-UP ORDER
The order made by the court for a company to be placed in compulsory liquidation.
WINDING-UP PETITION
A winding-up petition is a petition presented to the court seeking an order that a company be put into compulsory liquidation.
WRONGFUL TRADING
Applied to companies in liquidation where a director allowed the company to continue trading in circumstances where he should have concluded that there was no reasonable prospect that the company would avoid going into solvent liquidation. The directors involved may be made personally liable to make a contribution to the company's assets.
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