(a) 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 involving insolvent companies, the Bodies Corporate (Official Liquidation Act, 1963 ACT 180) applies. Whether private or official liquidation, a liquidator plays important role in the process of liquidation.

(b) 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 the officer (liquidator) who gathers assets, pays any debts, and distributes any surplus in accordance with law.

(c) 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 and the public has been so notified by publication in the Gazette.