Section 259: Effect of compromise in liquidation of company

259. Effect of compromise in liquidation of company (1) Where a compromise is approved under section 256, the Court may, on the application of— (a) the company; (b) a receiver appointed in relation to property of the company; or (c) with the leave of the Court, any creditor or shareholder of the company, C35 – 155 [Issue 1] Companies Act make such order as the Court thinks fit with respect to the extent, if any, to which the compromise shall, where the company is put into liquidation, continue in effect and be binding on the liquidator of the company. (2) Where a compromise is approved under section 256 and the company is subsequently put into liquidation, the Court may, on the application of— (a) the liquidator; (b) a receiver appointed in relation to property of the company; or (c) with the leave of the Court, any creditor or shareholder of the company, make such order as the Court thinks fit with respect to the extent, if any, to which the compromise shall continue in effect and be binding on the liquidator of the company.