232 Effect of a Section 110 sale on members of the original company

232.1 Introduction

A sale by the liquidator of the whole or part of the original company’s undertaking in exchange for shares in the purchasing company is binding on all the members of the original company1. In the case of a members’ voluntary winding up, if any member feels that the sale is prejudicial to his interests, he should, as a first step, exercise his right to give a notice of dissent under Section 111 of the Insolvency Act 1986. If he is out of

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