What does the liquidation process involve?

The liquidation process begins with the filing of the winding up petition in Court. When an application is made the Court appoints a liquidator to wind up the company.

Once a company is in liquidation:

  • The powers of the directors cease and the liquidator takes charge of the assets of the company; and
  • No action or proceeding can be continued or commenced against the company without permission of the Court.

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