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(1) Where realisable property is held by a company and an order for the winding up of the company is made or a resolution is passed by the company for its voluntary winding up, the functions of the liquidator shall not be performed in relation to

(a) the property if the property is subject to a freezing order made before the order or resolution for winding up was made or passed; or

(b) the proceeds of the property realised and in the hands of a receiver.

(2) Where, in the case of a company, an order is made or a resolution is passed, the powers conferred on the Court to grant a freezing order shall not be exercised in relation to realisable property held by the company in relation to which the functions of the liquidator may be performed to

(a) inhibit the liquidator from performing those functions to distribute the property held by the company to the company’s creditors; or

(b) prevent the payment out of the property of expenses, including the remuneration of the liquidator properly incurred in the winding up in respect of the property.

(3) Subsection (2) does not affect the enforcement of a charging order

(a) made before the order or resolution for winding up was made or passed; or

(b) on property which was subject to a freezing order at the relevant time.

(4) Nothing in the Companies Act, 1963 (Act 179) shall restrict or enable the restriction of the exercise of the powers conferred on the Court by this Act in relation to companies.

(5) In this section, “liquidator” includes a provisional liquidator under the Companies Act, 1963 (Act 179).