Section 387 — Status of companies being wound up

A company being wound
up shall continue to be a company for all purposes till its final dissolution in
accordance with the provisions of this Act and, unless otherwise specified, all
provisions and requirements of this Act relating to companies shall continue to
apply mutatis mutandis in the case of companies being wound up:

Provided that, from the date of commencement of the winding up of a
company, the official liquidator or the liquidator shall be deemed to have taken the
place of the board and chief executive of the company, as the case may be.
PROOF AND RANKING OF CLAIMS