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Discuss the effects of the Winding up order(10 Marks)

  1. Discuss the effects of the Winding up order
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A Winding up order is a legal manadate that forces a company into liquidation. After a Winding up order is passed, the assets of the company are liquidated, the powers of the directors cease to exist and the company is no longer a legal entity. Winding up order is a compulsory Winding up which is passed by court for certain reasons that may be bankruptcy, selling the company assets to pay its debts,etc. After payment of debts, the money rmaining from sale of the assets is paid to the shareholders.

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