There is a general presumption that once a Court makes a final
order or judgment for a company to be wound up in insolvency, there
is no going back. This article addresses how a winding up order can
be brought to an end by the Court – either via a court
application to have the winding up order set aside or a court
application to have the winding up order stayed or terminated. Both
directors and members of a company forced into liquidation can make
an application to the Court to undo the winding up order
and ultimately resume control of the company.
What is a Winding up order?
A winding up order is an order made by the Court usually on the
application of a disgruntled creditor for a company to be wound up
in insolvency and for a liquidator to be appointed to the company.
As soon as a winding up order is made by the Court, the control of
the company shifts from the
director and members to the newly appointed liquidator.
