winding (verb, wind-ing, \ ˈwaɪndɪŋ \) up (adverb, up, \ ʌp \)
Definition: is the process of disintegrating a company via the selling of its assets and paying off the creditors by using the money received from that sale. This method is governed by corporate laws and by the organization’s article of association. The winding up process can either be forced or initiated voluntarily and can happen both to corporations and partnerships. In the United States, this method can also be defined as liquidation.
In a Sentence:
- RadioShack began winding up once it became evident that their business has walked into a dead end.
- After weeks of exhausting meetings, the board of directors concluded that the corporation should opt for winding up for the sake of satisfying the creditors.
- The business press is buzzing with news that Blockbuster is winding up and selling all of its assets, having recently lost their key accounts.
Synonyms and related words: liquidation, bankruptcy, critical business point, business failure