Section 601 CAMA 2020
Section 601 Companies and Allied Matters Act is about Power to stay winding-up. It is under Chapter 21 (Winding-up by the court jurisdiction) of the Act.
(1) The Court may, at any time after an order for winding-up, on the application either of a liquidator, the official receiver or a creditor or contributory and on proof to the satisfaction of the Court that all proceedings in relation to the winding-up ought to be stayed, make an order staying the proceedings either altogether or for a limited time, on such terms and conditions as the Court deems fit.
(2) The Court may, at any time after an order for winding-up, on the application either of the liquidator or a creditor, and after having regard to the wishes of the creditors and contributories, make an order directing that the winding-up, ordered by the Court, shall be conducted as a creditors’ voluntary winding-up, and if the Court does so, the winding-up shall be so conducted.
(3) On any application under this section, the Court may, before making an order, require the official receiver to furnish to the Court a report with respect to any facts or matters which are in his opinion relevant to the application.
(4) A copy of every order made under this section shall immediately be forwarded by the company, or otherwise as may be prescribed, to the Commission which shall make a minute of the order in its books relating to the company.
(5) If default is made in lodging a copy of an order made under this section with the Commission as required by subsection (4), every officer of the company or other person who authorises or permits the default shall be liable to a penalty as may be prescribed by regulation.
