Insolvency Act 1986 · 1986 c. 45View on legislation.gov.uk
Part IV: Winding Up of Companies Registered under the Companies Acts — Chapter III: Members' Voluntary Winding Up
In a members' voluntary winding up, the company in general meeting shall appoint one or more liquidators for the purpose of winding up the company's affairs 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.
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