Section 154: Effect of liquidation

154. Effect of liquidation (1) With effect from the commencement of the liquidation of a company— (a) the liquidator has custody and control of the company’s assets; (b) the directors remain in office but cease to have powers, functions or duties other than those required or permitted to be exercised by this Part; (c) unless the liquidator agrees or the Court orders otherwise, a person shall not— (i) commence or continue legal proceedings against the company or in relation to its property; or (ii) exercise or enforce, or continue to exercise or enforce, a right or remedy over or against property of the company; (d) unless the Court orders otherwise, a share in the company shall not be transferred; (e) an alteration shall not be made to the rights or liabilities of a shareholder of the company; (f) a shareholder shall not exercise a power under the constitution of the company or this Act except for the purposes of this Part; and (g) the constitution of the company shall not be altered. (2) Subsection (1) shall not affect the right of a secured creditor, subject to the Fourth Schedule, to take possession of and realise, or otherwise deal with, the property of the company over which that creditor has a charge.