Co-operatives National Law (Queensland)
sec.423Power of Court to restrain further proceedings
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sec.423 Power of Court to restrain further proceedings
If a proposed compromise or arrangement is made between a co-operative and any of its creditors and no order has been made or resolution passed for the winding up of the co-operative, the Supreme Court may restrain further proceedings in an action or other civil proceedings against the co-operative except by leave of the court and on the terms the court imposes. The Supreme Court’s power under this section is in addition to any of its other powers and must not be exercised except on application by the co-operative or a creditor or member of the co-operative. (sec.423-ssec.1) If a proposed compromise or arrangement is made between a co-operative and any of its creditors and no order has been made or resolution passed for the winding up of the co-operative, the Supreme Court may restrain further proceedings in an action or other civil proceedings against the co-operative except by leave of the court and on the terms the court imposes. (sec.423-ssec.2) The Supreme Court’s power under this section is in addition to any of its other powers and must not be exercised except on application by the co-operative or a creditor or member of the co-operative.