In case of voluntary winding-up, the company shall, from the commencement of the winding-up, cease to carry on its business, except so far as may be required for the beneficial winding-up thereof : Provided that the corporate state and powers of the company shall, notwithstanding anything to the contrary in its articles, continue until it is dissolved.
Companies and Allied Matters Act 2020 · Part B · Chapter 22
Section 623 Effect of voluntary winding-up on business, etc., of company
Cite as: Companies and Allied Matters Act 2020, section 623
What this section means
From the guide: Voluntary winding up under CAMA 2020: members’ and creditors’ winding up
- From then the company stops carrying on business except as needed for a beneficial winding up, but keeps its corporate status and powers until dissolved (section 623).
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Source: Companies and Allied Matters Act 2020 (Act No. 3 of 2020), Official Gazette No. 124, Lagos, 10 August 2020. General information, not legal advice.