Section 426(4)

If an order for the winding up of a company is made or it passes a resolution for its voluntary winding up the powers referred to in subsection (5) must not be exercised in the way mentioned in subsection (6) in relation to any property— which is held by the company, and in relation to which the functions of the liquidator are exercisable.

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