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of <h1>Effect of Dissolution u/ss 248 and 250: Company Exists Only for Winding Up, Not Business</h1> Upon dissolution of a company under section 248, section 250 provides that, from the date specified in the statutory notice, the company ceases to operate and its Certificate of Incorporation is treated as cancelled. Despite this, the company's legal personality is preserved to a limited extent solely for winding-up purposes: realizing and collecting amounts due to the company and paying or discharging its existing liabilities and obligations. No further business operations or corporate activities may be carried out beyond these residual functions.
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