Insolvency Act 1986 (c. 45)

The First Group of Parts Company Insolvency ; Companies Winding Up

PART IV Winding Up of Companies Registered under the Companies Acts

CHAPTER II Voluntary Winding Up (Introductory and General)

Consequences of resolution to wind up

87 Effect on business and status of company

(1) In case of a voluntary winding up, the company shall from the commencement of the winding up cease to carry on its business, except so far as may be required for its beneficial winding up.

(2) However, the corporate state and corporate powers of the company, notwithstanding anything to the contrary in its articles, continue until the company is dissolved.

88 Avoidance of share transfers, etc. after winding-up resolution

Any transfer of shares, not being a transfer made to or with the sanction of the liquidator, and any alteration in the status of the company's members, made after the commencement of a voluntary winding up, is void.