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Bodies Corporate (Official Liquidation) Act, 1963 (Act 180)

Section 15
On the commencement of a winding up, the company shall cease to carry on its business, except so far as may be required for the beneficial winding up thereof, so however that the corporate state and the corporate powers of the company shall, notwithstanding anything to the contrary in its Regulations, continue until the company is dissolved.

Subject : Liquidation (winding up)  

Procedure to Follow


(a) The official liquidator requires funds to execute the liquidation.
(b) The official liquidator requesting for the statement of affairs from all the directors of the company
(c) Publication of the liquidation order in the gazette
(d) Notice in a national daily newspaper calling on all creditors to file their proof of debt before a fixed date and calling on debtors to pay up or make arrangement before a fixed date to pay their debt.
(e) Publication of first creditors meeting by the official liquidator to bring the creditors the state of liquidation.
(f) Gathering of the veto of the company by the official liquidator.
(g) Publication of second creditors meeting
(h) Selling of the assets of the company to pay creditors....
Responsible Institution
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