If a winding-up petition has been presented, every disposition of a company's property is void if a winding-up order is subsequently made against the company unless sanctioned by the court1. In the case of a voluntary liquidation the directors' powers cease on the appointment of a liquidator whether the liquidation is a members' voluntary liquidation or a creditors' voluntary liquidation2. A liquidator can complete a sale on behalf of the company and can bring proceedings to force a buyer to complete a transaction. In the case of a compulsory winding up the liquidator will require the sanction of the
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