Employees:

A winding-up order by a Court operates as a notice of discharge to employees and officers of the company, except when the business of the company is continued [Section 445(3)]. A voluntary winding-up which involves a discontinuation of the business also operates as a discharge, and may also give rise to a claim for damage where there is an agreement for employment for a fixed time [Reigate vs. Union of Manufacturing Company (1918) I.K.B. 592].