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Can a Winding Up Petition be withdrawn?

A Winding Up Petition can be withdrawn but only with the permission of the court. Rule 7.13, IR 2016 describes that the court will only grant permission to withdraw a winding-up petition if:
  1. The hearing of the application to withdraw is at least five business days before the hearing of the petition.
  2. The petitioner has not yet given notice of the petition under rule 7.10 (advertised in the Gazette).
  3. No notices (in support of or in opposition to the petition) have been received by the petitioner.
  4. The debtor company consents to the withdrawal of the petition