A.effect
1. Pship continues until w/up complete
2. resolve suits, close bsns, dispose of property, pay liabilities, distribution of res
3. distribution:  pay creditors (including P creditors) and distribute surplus (neg. balance)
  B. authority: 
1.  notice of event requiring w/up terminates actual authority
a. if P had no notice => Pship can’t get indemnified by P
2.  to 3Ps:  3P has no notice => P still binds Pship