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Phil decides to sell his personal computer to buy a new laptop, so he deletes all the data on his hard drive. To ensure that the data on his hard drive cannot be recovered using any special software, he _____ the hard drive-overwrites the hard drive several times using a disk erasing software-before the selling the system.
Voluntary Winding Up
A process initiated by a company's shareholders to close the company, selling off its assets to pay creditors and distributing any remaining assets to shareholders.
Receivership
The first form of external administration prescribed by the Corporations Act. Receivership involves a receiver, receiver–manager or controller being appointed by a court or by secured creditors in order to protect the security of those creditors.
Liquidation
The third form of external administration prescribed by the Corporations Act. The process whereby a company is dissolved, at which point the company ceases to be a legal entity.
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