s 186 Power to stay or terminate winding up
186.—(1) At any time during the winding up of a company, the Court may, on the application of the liquidator or of 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 or terminated, make an order —(a) staying the proceedings either altogether or for a limited time, on such terms and conditions as the Court thinks fit; or (b) terminating the winding up on a day specified in the order. (2) On any such application, the Court may, before making an order, require the liquidator to furnish a report with respect to any facts or matters that are in the liquidator’s opinion relevant. (3) Where the Court has made an order terminating the winding up, the Court may give such directions as the Court thinks fit for the resumption of the management and control of the company by the officers of the company, including directions for the convening of a general meeting of members of the company to elect directors of the company to take office upon the termination of the winding up. (4) Where an order is made under this section, the person on whose application the order is made must lodge a copy of the order with the Registrar of Companies and the Official Receiver, within 14 days after the making of the order. (5) Any person who fails to comply with subsection (4) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $5,000 and also to a default penalty.