Section 493. Power of Court to terminate winding up
(1) At any time after an order for winding up has been made, the Court may, on the application of the liquidator or of any creditor or contributory and on proof to the satisfaction of the Court that all proceedings in relation to the winding up of the company ought to be terminated, make an order terminating the winding up of the company as the Court thinks fit.
(1) At any time after an order for winding up has been made, the Court may, on the application of the liquidator or of any creditor or contributory and on proof to the satisfaction of the Court that all proceedings in relation to the winding up of the company ought to be terminated, make an order terminating the winding up of the company as the Court thinks fit.
(2) In making an order under subsection (1), the Court may take into consideration, but not limited to, the following facts:
(2) In making an order under subsection (1), the Court may take into consideration, but not limited to, the following facts:
(a) the satisfaction of the debts;
(a) the satisfaction of the debts;
(b) any agreement by the liquidators, creditors, contributories and other interested parties; or
(b) any agreement by the liquidators, creditors, contributories and other interested parties; or
(c) other facts that the Court considers appropriate.
(c) other facts that the Court considers appropriate.
(3) Where the Court makes an order under subsection (1), the company ceases to be in liquidation and the liquidator ceases to hold office and be released from all liability in respect of any act done or default made by the liquidator in the administration of the affairs of the company or otherwise in relation to his conduct as liquidator, with effect from the making of the order or such other date as may be specified in the order.
(3) Where the Court makes an order under subsection (1), the company ceases to be in liquidation and the liquidator ceases to hold office and be released from all liability in respect of any act done or default made by the liquidator in the administration of the affairs of the company or otherwise in relation to his conduct as liquidator, with effect from the making of the order or such other date as may be specified in the order.
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