The threat of winding up of a judgment debtor company does not, by itself, constitute special or exceptional circumstances warranting a stay of execution pending appeal. Where the company is a non-trading special purpose vehicle with no assets, the availability of a liquidator to independently assess and pursue the appeal means the appeal will not be rendered nugatory by the winding up. The fact that a company may only be insolvent because of the judgment debt does not alter the enquiry.
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