Companies Act Section 373 — Suits stayed on winding up order

CHAPTER XXI

Commercial / Corporate

Summary

Once a winding-up order is made, or a provisional liquidator is appointed for a company registered under this Part, no lawsuit or other legal proceeding can be started or continued against the company, or against any contributory of the company, regarding any debt of the company. This applies unless the Tribunal grants permission to do so, and the Tribunal may impose any conditions it chooses when granting that permission.

Official Text

Where an order has been made for winding up, or a provisional liquidator has been appointed for, a company registered in pursuance of this Part, no suit or other legal proceeding shall be proceeded with or commenced against the company or any contributory of the company in respect of any debt of the company, except by leave of the Tribunal and except on such terms as the Tribunal may impose.