Result of the commencement of the winding up process 

84. Business of the company except those required for the beneficial winding up of the company shall be ceased from the appointment of a person or persons by the court as stated in section 81 (c) of the Act for the winding up of the company. 

Duties of the person or persons appointed to wind up the company 

85. The person or persons appointed to wound up the company shall, upon their appointment as stated in section 76 (b) and 81 (b) of this Act carry out the following: 

 (a) prepare an account of the assets and liabilities of the company and take into their custody the assets of the company and recover all debts due to the company. 

 (b) represent or appoint a legal counsel to represent the company in legal proceeding by or against the company. 

 (c) settlement all debts of the company from the reserves of the company, revenue being received by the company and from the proceeds of the sale of assets of the company. 

 (d) distribution of the assets and reserves of the company among the members in proportion to their respective share holdings after the settlement of all debts of the company. 

 (e) to do all other acts this Act or regulations made under this Act may prescribe. 
 
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