532. Savings of pending proceedings for winding up

Subject to the provisions of subsection (2), the provisions of this Act with respect to winding up shall not apply to any company of which the winding up has commenced before the appointed date. Every such company shall be wound up in the same manner and with the same incidents, as if this Act had not been enacted, and for the purposes of the winding up, the written law under which the winding up commenced shall be deemed to remain in full force.

Where any company is being wound up in accordance with subsection (1), the court may, on application made by the Registrar or by any creditor of the company, and where the court is of opinion that it is expedient to do so in the circumstances of the case, make order that any specified provision of this Act with respect to liquidation shall apply to the winding up of that company, and may give such incidental or supplemental direction as may appear to the court to be necessary for the purposes of the application of such provision. Where the court makes any such order, any provision of this Act specified in the order shall, subject to any such directions, apply accordingly.