Winding-up
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1.
A process whereby a company prepares for dissolution – the assets of the company are applied to discharge its liabilities and any surplus is returned to those who are entitled to it provided there is any excess remaining.
2. Pensions.
The process of terminating a pension scheme, usually by applying the assets to the purchase of individual insurance contracts for the beneficiaries, or by transferring the assets and liabilities to another pension scheme.
