(a) In relation to each type of insolvency procedure available in the legal system of this economy, by what means may the administration of the corporate debtor be terminated?

(b) Who may initiate the termination of each type of insolvency procedure?

(c) On what grounds may each type of insolvency procedure be terminated?

(d) What are the consequences for the corporate debtor of termination of the insolvency procedure? (for example to whom does control of the debtor revert following termination of the procedure; or if the debtor no longer exists, what are the procedures for and consequences of its dissolution?)

In a compulsory winding up, once the liquidator has taken all appropriate steps to deal with the company's assets he may be granted his release by the court under Section 205. Thereafter, the Official Receiver may certify that the affairs of the company have been completely wound up and deliver such certificate to the Registrar of Companies. Two years after the Registrar registers the certificate, the company will be dissolved.

Section 248 provides for the final meeting and dissolution in a creditors' voluntary winding up. The section makes reference to the affairs of the company being 'fully wound up.' The Sub-Committee on Insolvency has recommended that the language be amended to take into account the fact that there are often loose ends that might not have been completed. Consultation Paper on the Winding Up Provisions of the Companies Ordinance, supra, para 13.34 at 94.)

In all liquidations (compulsory or voluntary) a company may be dissolved by order of the court after its affairs have been completely wound up. Rule 180 of the Companies (Winding-up) Rules deals with the technical termination of a winding up as follows:

The winding up of a company shall . . . be deemed to be concluded -

(a) in the case of a company wound up by order of the court, at the date on which the order dissolving the company has been reported by the liquidator to the Registrar of Companies or at the date of the order of the court releasing the liquidator pursuant to section 205 of the Ordinance;

(b) in the case of a company wound up voluntarily, at the date of the dissolution of the company, unless at such date any funds or assets of the company remain unclaimed or undistributed in the hands or under the control of the liquidator, or any person who has acted as liquidator, in which case the winding up shall not be deemed to be concluded until such funds or assets have either been distributed or paid into the companies liquidation account.'

In a Section 166 Scheme, once the court sanctions the scheme it becomes binding on all creditors. The scheme may be terminated on the occurrence of events stated in the scheme.

In a provisional supervision, it is proposed that at the meeting to vote on the plan of voluntary arrangement, the creditors should be able to decide to:

(a) approve the draft arrangement plan with or without modifications;

(b) adjourn the meeting to allow the provisional supervisor to submit a modified arrangement plan;

(c) or reject the plan and resolve that the company should be wound up and a liquidator appointed.

Report on Corporate Rescue and Insolvent Trading, supra, para 15.10 at p 85. The Report, however, is unclear as to what happens if the creditors are unable to agree upon any one of these options. When a voluntary arrangement is agreed to by creditors, it may only be terminated on the occurrence of events clearly stated in the plan of arrangement. Id, para 17.1 at 97.