Where a company is being wound up in insolvency pursuant to a court order and creditors subsequently approve a deed of company arrangement, the winding up is not automatically terminated; a court order is required. The Court will exercise its discretion under s 482 having regard to the interests of creditors, contributories, the public interest and commercial morality, as well as the objects of Part 5.3A. The cases on termination of winding up do not establish inflexible rules but identify the range of discretionary concerns. The question whether a voluntary winding up is automatically terminated by approval of a deed was left open.
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