(1) Where realizable property is held by a company and an order for the winding up of the company has been made or a resolution has been passed by the company for the voluntary winding up, the functions of the liquidator are not exercisable in relation to—
(a) property subject to a restraining order made before the time of winding up; and
(b) any proceeds of property in the hands of a receiver appointed under this Act.
(2) Where, in the case of a company, an order has been made or a resolution has been passed, the powers conferred on the Court shall not be exercised in relation to any realizable property held by the company in relation to which the functions of the liquidator are exercisable—
(a) to inhibit him or her from exercising the functions for the purpose of distributing any property held by the company to the company's creditors; or
(b) to prevent the payment out of any property of expenses, including the remuneration of the liquidator, or any provisional liquidator properly incurred in the winding up in respect of the property.
(3) Subsection (2) does not affect the enforcement of a charging order made before the time of winding up or on property which was subject to a restraining order at the time of winding up.
(Inserted by Act 18 of 2023)