(1) Where realisable property is held by a company and an order for its winding up has been made or a resolution has been passed by it for a voluntary winding up, the functions of the liquidator (or any provisional liquidator) are not exercisable in relation to -
(a) property for the time being subject to a freezing co-operation order made before the relevant time, and
(b) any proceeds of property realised by virtue of section 36 for the time being in the hands of a receiver.
(2) Where such an order has been made or such a resolution passed, the powers conferred on the High Court under section 36 or on a receiver appointed under that section shall not be exercised in relation to any realisable property held by the company in relation to which the functions of the liquidator are exercisable -
(a) so as to inhibit him or her from exercising those functions for the purpose of distributing any property held by the company to the company's creditors, or
(b) so as to prevent the payment out
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