"so wind up is aimed at a goal of dissolution - one can read the final chapter from the git go of the process? "
More specifically, a wind up is the final stages of a dissolution. It starts with a Receivership, then goes into Windup. At the end of a windup, the company is dissolved.
"so wind down does not have a pre determined ending? one can not read the final chapter from the git go ? "
Correct. A wind down can mean pretty much anything...as long as the ending result is that SOMETHING has been reduced. This could be the number of staff at the company, or the capital buffers, or the number of assets. The wind down could be small (fire one division) or it could be large (fire all BUT one division). But the company still must exist at the end of the wind down.
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