(1) This section applies where a notice is given under section 588S. (2) The creditor may begin proceedings in a court under section 588M in relation to the incurring by the company of the debt specified in the notice if:

(a)

as at the end of 3 months after the liquidator receives the notice, he or she has not consented to the creditor beginning such proceedings; and

(b)

on an application made after those 3 months, the court has given leave for the proceedings to begin.

(3) If:

(a)

during those 3 months, the liquidator gives to the creditor a written statement of the reasons why the liquidator thinks that such proceedings should not be begun; and

(b)

the creditor applies for leave under paragraph (2)(b);