The deeply in debt $22 billion mortgage fund had applied for a liquidator to sell off its assets, a move which shareholders have now backed.
Belonging to the Carlyle Group, one of the largest private equity groups on the planet, CCC received two further default notices from lenders and has accepted that it has too much debt to cope.
Its troubles were caused by investing in mortgage-backed securities with money from lenders including Bear Stearns, Citigroup and JPMorgan.
According to figures from the Financial Times, CCC had $31 of debt for every $1 of its own and investors are now criticising it for failing to stem its borrowing after the sub-prime mortgage crash began to unfold.
CCC confirmed in a statement: "During a compulsory winding up, all remaining CCC assets will be liquidated by a court appointed liquidator in a timely and orderly manner.
"The company will work with the court appointed liquidator to ensure an orderly realization of assets and their subsequent distribution."
David Rubenstein, co-founder of the Carlyle Group, has promised that investors will be compensated.