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416.   Power to stay winding-up, etc

Revised Laws of Saint Lucia (2021)

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416.   Power to stay winding-up, etc

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    (1)   The court may at any time after an order for winding-up, on the application either of the liquidator, or the Official Receiver, or any 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 thinks fit.

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    (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.

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    (3)   On any application under subsection (1) 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 or her opinion relevant to the application.

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    (4)   A copy of every order made under this section shall be lodged by the company, or otherwise as may be prescribed, with the Registrar, who shall make an entry of the order in his or her records relating to the company.

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    (5)   If default is made in lodging a copy of an order made under this section with the Registrar as required by subsection (4), every officer of the company or other person who knowingly authorises or permits the default commits an offence.

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