261. Effect where debtor an undischarged bankrupt |
(1) Subject as follows, where the creditors' meeting summoned under section 257 approves the proposed voluntary arrangement (with or without modifications) and the debtor is an undischarged bankrupt, the court may do one or both of the following, namely;
(a) Annual the bankruptcy order by which he was adjudged bankrupt;
(b) give such directions with respect to the conduct of the bankruptcy and the administration of the bankrupt's estate as it thinks appropriate for facilitating the implementation of the approved voluntary arrangement.
(2) The court shall not annul a bankruptcy order under subsection (1);
(a) at any time before the end of the period of 28 days beginning with the day on which the report of the creditors' meeting was made to the court under section 259, or
(b) At any time when an application under section 262 below, or an appeal in respect of such an application is pending, or at any time in the period within which such an appeal may be brought.
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