winding up
noun[CorU]
ukusLAW,MANAGEMENT
theprocessofclosingabusinessthat is notsuccessfuland hasdebtsthat it cannotmanage:
The mostcommongroundfor awindingup by thecourtis a company'sinabilitytopayitsdebts.
winding-up order/petition/saleThecompanywasthreatenedwith a winding-uporderfornon-paymentoftaxdebts.
winding-upcosts/date
grant/petition/voteforwindingup
windingupoccurs/takesplace
FINANCE
theactofclosinganinvestment, apensionagreement, etc.:
winding-up of a fund/pension/schemeEmployees couldlose60% oftheirpensionentitlementwith the winding-up oftheirfund.
See also
compulsory winding up
voluntary winding up
wind up