Companies Act, 1973 (Act No. 61 of 1973)

Chapter XIV: Winding-up of Companies

General

341. Dispositions and share transfers after winding-up void
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1)Every transfer of shares of a company being wound up or alteration in the status of its members effected after the commencement of the winding-up without the sanction of the liquidator, shall be void.

 

2)Every disposition of its property (including rights of action) by any company being wound-up and unable to pay its debts made after the commencement of the winding up, shall be void unless the Court otherwise orders.