An oppression proceeding under s 232 of the Corporations Law that seeks reinstatement as a director and restoration of shareholding is a proceeding 'against the company' within s 440D and is stayed upon appointment of administrators. Even where there is evidence that administration was commenced in bad faith as a counter-attack to oppression proceedings, the court will not terminate the administration under s 447A where the company is actually or potentially insolvent and the statutory process has not yet run its course.
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