(1) The Court may at any time after the making of an order for the official winding up of a company, on the application either of the liquidator or any creditor, member or contributory, and on proof to the satisfaction of the Court that all proceedings in relation to the winding up ought to be stayed, make an order staying the proceedings either altogether or for a limited time and on such terms and conditions as the Court thinks fit.

(2) On any application under this section the Court may, before making an order, require any person to furnish to the Court a report with respect to any facts or matters which are in its opinion relevant to the application.

(3) A copy of every order made under this section shall forthwith be forwarded by the company, or otherwise as may be prescribed, to the Registrar who shall make a minute of the order in his books relating to the company.