Definition
n. liquidating the assets of a corporation or partnership, settling accounts, paying bills, distributing remaining assets to shareholders or partners, and then dissolving the business. Winding up a non-profit corporation requires a plan for distribution of assets to some charitable or other non-profit entity under the cy pres doctrine.
Context: Used in Corporate Law
Examples
- In practice, “winding up” means liquidating the assets of a corporation or partnership, settling accounts, paying bills, distributing remaining assets to shareholders or partners, and then dissolving the business.