Companies Act 2014 section 574

Power to stay or restrain proceedings against company

Section 574 deals with the ability of a company, its creditors or contributories to apply to court to halt or prevent legal proceedings against the company during the period between the filing of a winding-up petition and the making of a winding-up order.

• Once a winding-up petition has been presented but before a winding-up order is made, the company, any creditor or any contributory may apply to court to stay or restrain legal proceedings against the company.
• Where proceedings are pending in the High Court or on appeal in the Supreme Court, an application to stay those proceedings is made to the court in which they are pending.
• Where any other proceedings are pending against the company, an application to restrain further action is made to the High Court.
• The court may grant a stay or restraint on whatever terms and for whatever period it considers appropriate.