Section 219 — Canada Business Corporations Act: Cessation of business and powers

If a court makes an order for liquidation of a corporation, the corporation continues in existence but shall cease to carry on business, except the business that is, in the opinion of the liquidator, required for an orderly liquidation; and the powers of the directors and shareholders cease and vest in the liquidator, except as specifically authorized by the court. The liquidator may delegate any powers vested in the liquidator by paragraph (1)(b) to the directors or shareholders.