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Insolvency Act · s 73
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Insolvency Act · s 73
Tell us what is wrong in this text. We check every suggestion against the official version before we change anything.
In a members’ voluntary winding up, the company in general meeting shall appoint one or more liquidators for the purpose of winding up the affairs of the company and distributing its assets.
On the appointment of a liquidator, all the powers of the directors cease, except so far as the company in general meeting or the liquidator sanctions their continuance.