Definition - What does Wind Up mean?
The term "wind up" can be simply be defined as the ending or final part of something. In terms of business, the term can be referred to as the selling of all assets belonging to a business. This may include paying off all the creditors, distributing any assets among the parent or principal company, and then finally dissolving the business.
Justipedia explains Wind Up
Wind up can be used for the dissolution of a particular function of a business (business line) or the whole corporation itself, which is more commonly known as liquidation.
Dissolving a corporation is a much more complex process compared to dissolving a business line or a partnership business. The winding up of a corporation usually occurs after the company goes bankrupt.