The company no longer has the power to dispose of its property and remains operational until the liquidation is complete. The liquidator takes over power of the company and all company employees are dismissed. For court-ordered liquidations the court may stay or restrain any proceedings against the company. The information provided offers a basic overview of the liquidation process.
Infographic Source: https://www.michaelsglobaltrading.com/how-to-liquidate-your-company/