Section 111Part 5 — Company Restructuring and Winding Up
Power to stay winding up
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The Court may at any time after an order for winding up, on the application either of the liquidator or any creditor or contributory, and on proof to the satisfaction of the Court that all proceedings in the winding up ought to be stayed, make an order staying the proceedings either all together or for a limited time, on such terms and conditions as the Court thinks fit.
The Court may at any time after the liquidation has commenced under s ection 116 (c), but before the final meeting has been held as provided for in section 127 , on the application of the liquidator accompanied by —
a special resolution stating that the company will not be wound up and setting out the reasons for such decision;
proof of a recall notice published in the Gazette; and
such other documents as the Court may consider necessary, make an order to recall the liquidation, place the company into active status and place the company back into good standing as it was prior to the commencement of liquidation under section 116(c), on such terms and conditions as the Court thinks fit.
A company shall, within seven days of the making of an order under this section, forward a copy of the order to the Registrar who shall enter it in the records relating to the company.