1. I am a shareholder of a company in which a winding-up order has been granted. I have decided to pay off all debts of the company. Can I “revive” the company?

1. I am a shareholder of a company in which a winding-up order has been granted. I have decided to pay off all debts of the company. Can I “revive” the company?

If you have decided to pay off all the company’s debt, you can apply to the Court for a permanent stay (suspension) of all further proceedings in the winding-up of the company under section 209 of the Companies (Winding Up and Miscellaneous Provisions) Ordinance (Cap.32). The Court will grant a stay if it is satisfied that the rights of creditors and members are provided for; the liquidators are remunerated, and there are no further matters in the affairs of the company that call for investigation. The effect of a permanent stay is that the company is “revived”.