COMPANIES ACT - 1963 (ACT 179)

    Section - 259 - Stay of Proceedings

    (1) At any time during the course of a private liquidation and prior to the dissolution of the company, the company in general meeting may, by special resolution, resolve that, subject to the confirmation of the Court, the liquidation proceedings shall be stayed.

    (2) After the passing of such special resolution, application may be made to the Court by the liquidator or any member of the company; and the Court may in its discretion and subject to such terms and conditions as the Court may think fit, order that the liquidation be stayed, that the liquidator be discharged and that the directors be permitted to resume the management of the company.

    (3) At least twenty-eight days before the hearing of the application to the Court under the immediately preceding subsection, written notice thereof shall be given by the applicant to the Registrar, to all directors of the company and to any liquidator of the company, if not the applicant, and the Registrar shall cause the same to be published in the Gazette.

    (4) The Registrar and any director, liquidator, member or creditor of the company shall be entitled to appear on the hearing of the application and to call witnesses and give evidence.

    (5) If an order confirming the resolution is made by the Court, the company shall send an official copy thereof to the Registrar and the Registrar shall register the same and cause a copy to be published in the Gazette; and thereupon the liquidation shall be deemed to have ceased and the company shall continue to be a going concern subject however, to any terms or conditions in the said order.