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'A business at any time, may face the prospect of winding up or liquidating its operations.' Explain the concept of 'liquidation' or 'winding up'. Explain

'A business at any time, may face the prospect of winding up or liquidating its operations.'

  1. Explain the concept of 'liquidation' or 'winding up'.
  2. Explain the different grounds on which a company may be wound up.
  3. Outline the priority of claims in liquidation.

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