先来看一下两者的英文释义：

Winding up a company means to end all business affairs in order to permanently close a company. This process involves many things, such as selling off stock, distributing the remaining assets, and paying off any outstanding debts. A solvent company which has assets worth less than $1,000 does not need to be wound up. To cease operating, it simply needs to be deregistered through ASIC. However, if a company has assets worth more than $1,000 or is insolvent, then it must be wound up.（wind up一家公司指终止公司的所有业务，以永久关闭公司。这一过程包括出售股票、分配剩余资产以及支付未偿债务等。）

In commercial terms, liquid means cash. Liquidation is the process of converting assets to cash, usually in order to pay back debts or shareholders. （liquidation指将资产换为现金以偿还债务或向股东进行支付）

由以上英文释义可知，Winding up一般可译为“清盘”，是启动破产清盘的程序，这其中包含诸多步骤，比如吊销执照，关门停业，偿还债务人等；而liquidation通常是指最后的清算的那步。此外，还有一个词也是公司破产文件中常常见到的，即dissolution解散。顺序为dissolution——winding up——liquidation。

此外，winding up可分为voluntary winding up和compulsory winding up：

Voluntary winding up自愿清盘。

Voluntary winding up is a legal process in which a company decides to cease its operations and wind up its affairs voluntarily. This process is initiated by the shareholders or members of the company when they feel that the company is no longer viable or profitable.

自愿清盘指债务人与债权人达成协议，不经过正规破产处理程序，私下对公司进行的清盘。

Compulsory winding up

Compulsory winding up is a legal process whereby a creditor owed more than the sum of £750 may start the court process to liquidate a debtor business.

强制清盘指因一间公司的资金不能抵偿负债,债主以民事法追讨,最后法院出强制清盘令。

以下为相关双语示例，供参考：

WINDING UP清盘

Subject to these Articles, if the Company shall be wound up the liquidator may, with the sanction of an Ordinary Resolution of the Company, divide amongst the Members in specie or kind the whole or any part of the assets of the Company (whether they shall consist of property of the same kind or not) and may for such purpose set such value as he deems fair upon any property to be divided as aforesaid and may determine how such division shall be carried out as between the Members or differentes of Members. The liquidator may, with the like sanction, vest the whole or any part of such assets in trustees upon such trusts for the benefit of the contributories as the liquidator, with the like sanction shall think fit, but so that no Member shall be compelled to accept any shares or other securities whereon there is any liability.

在遵守本章程规定的前提下，在公司清盘时，清算人可以在获得公司普通决议批准后，以实际或实物形式在股东中分配公司全部或任何部分资产（不管该等资产是否构成同一类财产），并可为此目的为上述分配的财产确定其认为公平的价值，并可决定在股东或不同类别的股东之间的分配方式。若清算人认为合适，清算人可以在获得类似批准后，基于为出资人的利益设立的信托，将该等资产的全部或任何部分委托给受托人保管，前提是任何股东均不得因此被强迫接受附带任何负债的任何股份或其他证券。

转载自：红蓝律  作者：旗渡多语信息中心（出海信息服务）