Explain the consequences of a voluntary winding up a company limited by shares.

• the company ceases to carry on business except such as may be required for beneficial winding up
• any transfer of shares or alteration in the status of members is void
• directors powers become functus officio on appointment of the liquidator
• if the winding up is based on insolvency, servants of the company are dismissed.
• the company‟s corporate status and powers remain until dissolution.