Effect of voluntary winding up
AskThkInsolvency 14.06.21
What is the effect of voluntary winding up to a company?
- Company ceases to carry on business except where liquidator thinks otherwise for the benefit of the winding up.
- Any transfer of shares or alteration of members status is void unless permitted by liquidator.
- Assets of company applied equally in satisfaction of the debts and distributed among the members according to respective right and interest.
- Company shall dissolve after 3 months liquidator submitted the account.
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