All sections · Part XVII: Striking Off, Winding Up And Dissolution · Sub-Part II: Voluntary Winding Up of Solvent Company
287 Effect of commencement of voluntary winding up
This section has been amended. The text above is the 2016 wording; the amending provisions follow.
(1) Subject to subsections (2) and (3), with effect from the commencement
of the voluntary winding up of a company —
(a) the liquidator has custody and control of the assets of the
company; and
(b) the directors of the company remain in office but they cease to
have any powers, functions or duties other than those required
or permitted under this Sub-Part.
(2) Subsection (1)(a) does not affect the right of a secured creditor to take
possession of and realise or otherwise deal with assets of the company
over which the creditor has a security interest.
(3) Notwithstanding subsection (1)(b), the directors, after the
commencement of the voluntary winding up, may exercise such powers
as the liquidator, by written notice, may authorise them to exercise.
(4) A person who purports to exercise any powers of a director at a time
when, pursuant to subsection (1), those powers have ceased and their
exercise has not been authorised by the liquidator under subsection (3),
commits an offence and is liable on conviction to a fine not exceeding
US$10,000.
of the voluntary winding up of a company —
(a) the liquidator has custody and control of the assets of the
company; and
(b) the directors of the company remain in office but they cease to
have any powers, functions or duties other than those required
or permitted under this Sub-Part.
(2) Subsection (1)(a) does not affect the right of a secured creditor to take
possession of and realise or otherwise deal with assets of the company
over which the creditor has a security interest.
(3) Notwithstanding subsection (1)(b), the directors, after the
commencement of the voluntary winding up, may exercise such powers
as the liquidator, by written notice, may authorise them to exercise.
(4) A person who purports to exercise any powers of a director at a time
when, pursuant to subsection (1), those powers have ceased and their
exercise has not been authorised by the liquidator under subsection (3),
commits an offence and is liable on conviction to a fine not exceeding
US$10,000.
Amended since 2016
Act 32 of 2021 · 2021-08-02
50. Section 287(1)(b) of the principal Act is amended, by inserting after
the words “the company”, the word “may”.
the words “the company”, the word “may”.
