Subject to this section, a credit union may be dissolved by being wound up in accordance with the Companies Acts, which apply with any necessary modifications as if the credit union were a company limited by shares. In that application: references to the registrar of companies are to be read as references to the Bank; references to the articles of association as references to the rules of the credit union; and references to a special resolution as references to a special resolution within the meaning of this Act. The Bank is entitled to appear and be heard in any proceedings relating to the winding up.

On winding up, liability of present and past members for debts, winding up expenses and adjustment of contributories is qualified: persons who ceased to be members not less than one year before the winding up shall not be liable; no person shall be liable for debts contracted after cessation; non-members are not liable unless the Court finds members' contributions insufficient; contributions are limited to any amount unpaid on shares; a withdrawn share is treated as cessation from the date of notice under section 32(1) or approval under section 32(3)(b). Sections 293–299 of the Companies Act 1963 and sections 202–204 of the Companies Act 1990, insofar as they relate to liabilities of directors and officers, apply with any necessary modifications to officers to whom paragraph (a) of the definition of 'officer' in section 2 applies.