(1) In this section "proceedings", subject to subsection (4), includes counterclaims or cross-claims against IBRC, in legal actions brought by IBRC, other than those counterclaims or cross-claims which, if successful, would give rise to a right of set-off.
(2) Subject to subsection (6), with effect from the making of the Special Liquidation Order -
(a) there shall be an immediate stay on all proceedings against IBRC,
(b) no further actions or proceedings can be issued against IBRC without the consent of the Court,
(c) no actions or proceedings for the winding up of IBRC, or for the appointment of an examiner (whether interim or otherwise) or a liquidator (whether provisional or otherwise) to IBRC can be taken, issued, continued or commenced,
(d) the Minister may discharge or remove any liquidator or examiner that had been appointed to IBRC prior to the making of the Special Liquidation Order, and
(e) the Special Liquidation Order shall constitute effective and proper notice to each emp
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