Winding Up (Going Out of Business)
Winding up is a business phrase referring to the final steps a business entity takes to cease operations, comply with all financial obligations and distribute the final profits to the remaining owners.
Going out of business is a process normally caused by insolvency whereby the owner of the business sets a final date of interaction with customers and finishes by paying off vendors and disposing of the remaining assets.
Winding up is a business phrase referring to the final steps a business entity takes to cease operations, comply with all financial obligations and distribute the final profits to the remaining owners.