Section 114(2)

The powers of the directors shall not be exercised, except with the sanction of the court or (in the case of a creditors’ voluntary winding up) so far as may be necessary to secure compliance with sections ... 99 (statement of affairs) and 100(1B) (nomination of liquidator by creditors), during the period before the appointment or nomination of a liquidator of the company.

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Source: legislation.gov.uk · retrieved 2026-09-04