Simpson Traders Limited, once a fairly successful drug distributing Company, has not been doing so well in recent times. Its profits have been declining and the directors have attributed the decline to fierce competition in the market. The shareholders of the company are aging and have no appetite for doing what it would take to compete in the market and keep the Company in existence. Liquidation seems to be imminent as they do not believe that the company is a viable option.

The members have approached you for advice on how they can dissolve the company.

Advise them on the steps needed to have the company dissolved. Describe the process from the commencement of winding up to the dissolution of the company.