Bankruptcy, Individual Voluntary Arrangement and Winding-up of Companies
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D. Consequences of the presentation of a winding-up petition

After the commencement of winding-up proceedings (that is, after the presentation of the winding-up petition), all dispositions of the property of the company is void pursuant to section 182 of the Companies Ordinance. In other words, no transfer of any property of the company is allowed. Therefore, banks will usually freeze a company's account when they know that a winding-up petition has been presented against that company.

  1. Can anything be done to reactivate the company's bank account?
  2. The Company is of the view that the debt allegedly owned to the petitioner is not genuine. Is there anything else the company can do pending the hearing of the winding-up petition?

  3. Provisional Liquidator

  4. I am a creditor of a company which has refused to repay a debt to me. I also have grounds to believe that the assets of the company are in jeopardy and are being dissipated. I know I can present a winding-up petition but it will take a few months before the company can be wound up. What can I do to protect my interest and to safeguard the company's assets in the meantime?
  5. Do I need to ask my own lawyer/accountant to be appointed as the provisional liquidator? Can a government official (e.g. the Official Receiver) act as the provisional liquidator so that I do not need to pay for my own lawyer/accountant to act as the provisional liquidator?
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