Chapter 5 Chapter 5 — Provisions applying to both kinds of voluntary winding-up
192. Notice of resolution to wind up(1) When a Company has passed a resolution for voluntary winding-up, the Company shall, within seven (7) days after the passing of the resolution, publish notice of the resolution in the Abu Dhabi Global Market in such manner as it thinks appropriate.(2) If default is made in complying with subsection (1), the Company and every officer of it who is in default commits a contravention and is liable to a fine at the relevant level set out in the Fines Schedule.
193. Commencement of winding-up
A voluntary winding-up is deemed to commence at the time of the passing of the resolution for voluntary winding-up by the Company at a general meeting.
194. Notice by liquidator of his appointment(1) The liquidator shall, within seven (7) days of his appointment, publish notice of his appointment in the Abu Dhabi Global Market in such manner as he thinks appropriate, and deliver to the Registrar for registration, a notice of his appointment.(2) If the liquidator fails, without reasonable excuse, to comply with subsection (1), he commits a contravention and is liable to a fine at the relevant level set out in the Fines Schedule.
195. Effect on business and status of company(1) The Company shall from the commencement of the winding-up cease to carry on its business, except so far as may be required for its beneficial winding-up.(2) However, the corporate state and corporate powers of the Company, notwithstanding anything to the contrary in its Articles, continue until the Company is dissolved.
196. Avoidance of share transfers after winding-up resolution
Any transfer of shares, not being a transfer made to or with the sanction of the liquidator, and any alteration in the status of the Company's members made after the commencement of a voluntary winding-up, is void.
197. Court's power to control proceedings(1) If the Court, on the application of the liquidator in a voluntary winding-up, so directs, no action or proceeding shall be proceeded with or commenced against the Company or its property, except by leave of the Court and subject to such terms as the Court may impose.(2) If from any cause whatsoever there is no liquidator acting, the Court may appoint a liquidator.
198. Saving for certain rights
The voluntary winding-up of a Company does not bar the right of any creditor or other person to apply to have it wound up by the Court.