Section 653

(1) Where an order is made for a winding up subject to supervision, the liquidator may, subject to any restrictions imposed by the Court, exercise all his powers, without the sanction or intervention of the Court, in the same manner as if the company were being wound up voluntarily:

Provided that the powers specified in section 588 (1) (d), (e) and (f) of this Act shall not be exercised by the liquidator except with the sanction of the Court or, in a case where before the order the winding up was a creditors' voluntary winding up, with the sanction of the Court or the committee of inspection, or (if there is no such committee) a meeting of the creditors.

(2) A winding up subject to the supervision of the Court shall not amount to a winding up by the Court for the purpose of the provisions of this Act as specified in the Twelveth Schedule to this Act (dealing with provisions which do not apply in the case of winding up subject to the supervision of the Court) but, subject to this, an order for a winding up subject to supervision shall for all purposes be an order for winding up by the Court:

Provided that where the order for winding up subject to supervision of the Court was made in relation to a creditors' voluntary winding up in which a Committee of Inspection had been appointed, the order shall be deemed to be an order for winding up by the Court for the purposes of section 597 of this Act, (except subsection (1) of that section) unless the operation of that section is excluded in a voluntary winding up by general rules made under this Act.