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D. Consequences of the presentation of a winding-up petition

After the commencement of winding-up proceedings (that is, after the presentation of the winding-up petition), all dispositions of the property of the company is void pursuant to section 182 of the Companies (Winding Up and Miscellaneous Provisions) Ordinance (Cap.32). In other words, no transfer of any property of the company is allowed. Therefore, banks will usually freeze a company's account when they know that a winding-up petition has been presented against that company.

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