What is Winding Up?

Legal Definition
The settlement of debts and liquidation of assets, done with the goal of dissolving a partnership or corporation.

See: Dissolution of corporation.
Legal Definition
The name applied in England to the process of settling the accounts and liquidating the assets of a partnership or company, for the purpose of making distribution and dissolving the concern.
-- Black's Law Dictionary
Legal Definition
The dissolution of a corporation or partnership.
-- Ballentine's Law Dictionary