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Nolo’s Plain-English Law Dictionary

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winding up
1) The process of liquidating or closing down a corporation, limited liability company, or partnership. Typically this involves paying off expenses and creditors, settling accounts, and collecting and distributing (to shareholders and owners) whatever assets then remain. 2) With respect to an estate or trust, gathering assets, paying debts, and distributing property to those entitled to inherit it. (See also: personal representative)
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