Winding up Administration

Winding up administration refers to the process of closing down a company that is unable to pay its debts. This involves settling debts, selling off assets, and distributing any remaining funds to creditors and shareholders. An appointed administrator, often a licensed insolvency practitioner, oversees this process to ensure it is done fairly and legally. The goal is to maximize returns for creditors while following the regulations set out in insolvency law. Ultimately, winding up leads to the formal dissolution of the company, ending its legal existence.