Section 430. Application of provisions of winding up of a company under judicial management

(1) At any time when a judicial management order is in force in relation to a company under judicial management, sections 536, 537, 538 and 539 shall apply as if the company under the judicial management was a company being wound up and the judicial manager was the liquidator.

(2) Notwithstanding subsection (1), the Court shall have the power—

(a) to order that any other sections in Subdivision 4 of Division 2 of Part IV shall apply to a company under judicial management as if the sections in Subdivision 4 of Division 2 of Part IV apply in a winding up by the Court; and

(b) any reference to the liquidator shall be taken as a reference to the judicial manager and any reference to a contributory shall be taken as a reference to a member of the company.