Main differences between the two concepts are as follows:
(a) Winding up is the first stage in the process whereby assets are released, liabilities are paid off and the surplus, if any distributed among its members. Dissolution is the final stage whereby the existence of the company is withdrawn by the law.
(b) After winding up, dissolution takes place. The dissolution must take place after winding up.
(c) The process of winding up is purely judicial function. The process of dissolution is purely administrative function.
(d) The winding up of a company is heard and judged by the Tribunal. The dissolution of a company is re-corded and registered by the Registrar of Compa-nies.
(e) Winding up in all cases does not culminate in dissolution. Dissolution is an act which puts an end to the life of the company.   _{Your Comment}