Section 248 — Companies Act 1993: Effect of commencement of liquidation

248 Effect of commencement 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 of this Act: (c) Unless the liquidator agrees or the Court orders otherwise, a person must 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 must not be transferred: (e) An alteration must not be made to the rights or liabilities of a shareholder of the company: (f) A shareholder must not exercise a power under the constitution of the company or this Act except for the purposes of this Part of this Act: (g) The constitution of the company must not be altered. (2) Subsection (1) of this section does not affect the right of a secured creditor, subject to section 305 of this Act, to take possession of, and realise or otherwise deal with, property of the company over which that creditor has a charge.