552. (1) Subject to the provisions of that section, the protection granted by virtue of section 520 to a company shall cease—

(a) on the coming into effect of a compromise or scheme of arrangement under this Part in relation to the company; or

(b) on such earlier date as the court may direct.

F320[(1A) Where the court is making an order in accordance with subsection (1)(b), it may take into account:

(a) that the protection granted by virtue of section 520 no longer fulfils the objective of supporting the negotiations on a scheme of arrangement;

(b) where the company or the examiner has requested that the protection granted by virtue of section 520 be ceased;

(c) one or more creditors or one or more classes of creditors are, or would be, unfairly prejudiced by the continuation of the protection granted by virtue of section 520;

(d) that the continuation of the protection granted by virtue of section 520 would likely give rise to the insolvency of a creditor of the company.]

(2) Where a company ceases to be under the protection of the court, the appointment of the examiner shall terminate on the date of such cessation.