Section 101: Commencement of winding up

101. Commencement of winding up (1) Where before the presentation of a petition to the Court under section 102 a resolution has been passed by the company for voluntary winding up, the winding up of the company shall be deemed to have commenced at the time of the passing of the resolution, and, unless the Court on proof of fraud or mistake thinks fit to direct otherwise, all proceedings taken in the voluntary winding up shall be deemed to have been validly taken. (2) Where an order directing the winding up of a company is made under section 178 (2) (g) of the Companies Act, the winding up shall commence on the date and time specified in the order. (3) In every other case of a winding up by the Court, the winding up shall be deemed to have commenced at the time of the making of the winding up order. (4) Where— (a) a liquidator is appointed under section 108 (1), the Court shall record on the order appointing the liquidator the date on which, and the time at which, the order was made; (b) a liquidator is appointed under section 108 (2), the board of the company shall cause to be recorded in the instrument appointing the liquidator the date on which, and the time at which, the liquidator was appointed; (c) a liquidator is appointed under section 100 (2) (b), the shareholders shall cause to be recorded in the special resolution appointing the liquidator the date on which, and the time at which, the special resolution is passed; (d) a liquidator is appointed by way of a resolution of creditors at a watershed meeting, the administrator shall record in the resolution the date on which, and the time at which, the resolution was passed. (5) If any question arises as to whether on the date on which a liquidator was appointed an act was done or a transaction was entered into or effected before or after the time at which the liquidator was appointed, that act or transaction is, in the absence of proof to the contrary, deemed to have been done or entered into or effected, as the case may be, after that time. Section B – Winding up by Court