The process of gathering in all the assets of a corporation, selling them or otherwise converting them into cash, and then paying off all of the corporation’s liabilities, with any remaining amount being paid to shareholders in accordance with their entitlements established in the share provisions in the corporation’s articles. Sometimes “winding up” is described as a liquidation of the corporation. Often “winding up” refers to this process of liquidation being carried out under the supervision of a court rather than voluntarily by agreement of all shareholders. Usually winding up is followed by the dissolution of the corporation. Sometimes “winding up” is used to refer both to liquidation and dissolution.