i) Liquidation:
Liquidation includes both winding-up and dissolution. Liquidation is either private/voluntary or official/compulsory. In private/voluntary liquidation, which relates to solvent companies, the law applicable is the Companies Act, 1963 (Act 179). In respect of official/compulsory liquidation involving insolvent companies, the Bodies Corporate (Official Liquidation Act, 1963 ACT 180) applies. Whether private or official, a liquidator plays an important role in the process of liquidation. (2 marks)

ii) Winding-up:
Winding-up refers to the steps taken to have an operating corporate entity cease to be a corporate body. Winding-up includes the appointment of an officer (liquidator) who gathers assets, pays any debts, and distributes any surplus in accordance with the law. (2 marks)

iii) Dissolution:
Dissolution is the formal pronouncement by the Registrar of Companies that the corporate entity no longer exists and has been struck off the register of companies, with the public being notified by publication in the Gazette. (2 marks)

(Any 2 points to be answered @ 3 marks each =

6 marks)