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A company's winding up date starts on the day of the winding up Petition is presented to Court. This is important as there are certain legal implications.
Pending action/proceedings against the company The company/any creditor/shareholder may apply to the Court to restrain any action or proceeding against the company after a winding up Petition is presented in Court but before the winding-up order is made.
Disposition of company's property The company cannot sell, transfer or dispose of its property in any way without the Court's permission after the commencement of a winding-up action.
Transfer of shares Shares of the company cannot be transferred unless Court's permission is granted.
Execution against company's property Any execution of a judgment against the company's property after the commencement of winding up is void.
Jan 08, 2009 - 12:56 AM
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