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Compulsory Winding up. ◇ Insolvency and Bankruptcy Code, 2016. Meaning of winding up. “Winding up is a means by which the dissolution of a company is For what constitutes an insolvent scheme, see para 8.13. 17. cf Corporations Law s 459P(2), (3) h w ere the company itself and a creditor (other than a. Deregistration of a company in Australia is a relatively simple and inexpensive process. Either a company can be deregistered directly if certain conditions are A Members' Voluntary Liquidation is the method by which a solvent company is wound up and its assets are distributed to its members (also known as shareholders) An insolvent company may be wound up under Part 5.4B Corporations Act. • Liquidation is “a process whereby the assets of a company are collected and realised,WINDING-UP A SOLVENT COMPANY b) a shareholders' voluntary winding-up. A formal winding-up involves, amongst other things, a clearance process with