THE COMPANIES ORDINANCE, 1972

Consequences of voluntary winding up

251.  In case of a voluntary winding up, the company shall, from the commencement of the winding up, cease to carry on its business, except so far as may be required for the beneficial winding up thereof :

Provided that the company shall, notwithstanding anything to the contrary in its memorandum or articles, continue to be a body corporate until it is dissolved under the provisions of this Ordinance.

252.  Any transfer of shares, not being a transfer made to or with the sanction of the liquidator, and any alteration in the status of the members of the company, made after the commencement of a voluntary winding up, shall be void.