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Winding Up

Winding up is the legal process by which a Hong Kong company's affairs are brought to an end — its assets realised, liabilities settled, and any surplus distributed — before the company is dissolved.

Winding up can be voluntary (initiated by the company's members or creditors) or compulsory (ordered by the court). A liquidator is appointed to collect and realise the company's assets, pay creditors in order of priority, and distribute any surplus to members. Once the winding up is complete, the company is dissolved and removed from the register.