Introduction

There are three main types of winding up:

• • winding up by the court, which is in turn divided into:
• • ◦ winding up in insolvency, where the company must be insolvent; and
• • ◦ winding up by the court on other grounds, where the company may or may not be insolvent;
• • winding up by order of ASIC in specified circumstances; and
• • voluntary winding up, which is in turn divided into:
• • ◦ members’ voluntary, where the company must be solvent; and
• • ◦ creditors’ voluntary, where it will generally be insolvent.

See Introduction.