444

Avoidance
of disposi-
tions of
property,
etc., after
commencc-
ment of
winding up.

Avoidance
of attach-
ments, etc.

Commence-
ment of
winding up
by the
Court.

Copy of
order to be
forwarded
to Registrar.

Actions
stayed on
winding up
order.

Ch. 31. No. 1.) Companies.

proceeding, and the Court may stay or restrain the pro-
ceedings accordingly on such terms as it thinks fit.

166. In a winding up by the Court, any disposition of the
property of the company, including things in action, and
any transfer of shares, or alteration in the status of the
members of the company, made after the commencement
of the winding up, shall, unless the Court otherwise orders,
be void.

167. Where any company is being wound up by the
Court, any attachment, sequestration, distress, or execution
put in force against the estate or effects of the company after
the commencement of the winding up shall be void to all
intents.

Commencement of winding up.

168. (1) Where before the presentation of a petition for
the winding up of a company by the Court a resolution has
been passed by the company for voluntary winding up, the
winding up of the company shall be deemed to have
commenced at the time of the passing of the resolution, and
unless the Court, on proof of fraud or mistake, thinks fit
otherwise to direct, all proceedings taken in the voluntary
winding up shall be deemed to have been validly taken.

(2) In any other case, the winding up of a company
by the Court shall be deemed to commence at the time of the
presentation of the petition for the winding up.

Consequences of winding up order.

169. On the making of a winding up order, a copy of the
order must forthwith be forwarded by the company, or
otherwise as may be prescribed, to the Registrar, who shall
make a minute thereof in his books relating to the company.

170. When a winding up order has been made, or a
provisional liquidator has been appointed, no action or
proceeding shall be proceeded with or commenced against
the company except by leave of the Court, and subject to
such terms as the Court may impose.