220 Proof of claim (1 ) All claims against a company being wound up by the court shall be proved at a meeting of creditors called and held as nearly as possible in the manner provided by the law relating to insolvent estates for the proof of claims against an insolvent estate and subject to section two hundred and eighty-nine. (2 ) The Master, on the application of the liquidator, may fix a time or times within which creditors of the company are to prove their claims or to be excluded from the benefit of any distribution under any account lodged with the Master before those debts are proved. 221 Powers of liquidator (1 ) The liquidator in a winding up by the court shall have the following powers— (a ) to execute in the name and on behalf of the company all deeds, receipts and other documents and for that purpose to use the company’s seal; (b ) to prove a claim in the estate of any contributory or debtor and receive payment in full or a dividend in respect thereof; (c) to draw, accept, make and endorse any bill of exchange or promissory note in the name and on behalf of the company, but so as not, except with the leave of the court or the authority mentioned in subsection (4) or for the purpose of carrying on the business of the company in terms of paragraph (e) of subsection (2), to impose any additional liability upon the company. (2 ) The liquidator shall have power, with the leave of the court or with the authority mentioned in subsection (4) or in paragraph (a) of subsection (4) of section two hundred and eighteen— (a ) to bring or defend in the n ame and on behalf of the company any action or other legal proceeding of a civil nature and, subject to any law relating to criminal procedure, any criminal proceeding: Provided that immediately upon the appointment of a liquidator or a provisional liquidator the Master may authorize upon such terms as he thinks fit legal proceedings for the recovery of any outstanding accounts, the collection of which appears to him to be urgent; (b ) to agree to any offer of composition made to the company by any debtor or contributory and take any reasonable part of the debt in discharge of the whole or give reasonable time, regard being had to section two hundred and seventy -nine; (c) to compromise or admit any claim or demand against the company, including an unliquidated claim; (d ) to submit to the determination of arbitrators any dispute concerning the company or any claim or demand by or upon the company; (e) to carry on or discontinue any part of the business of the company in so far as may be necessary for the beneficial winding up thereof: Provided that if necessary the liquidator may carry on or discontinue the same before he has o btained the leave of the court or the authority aforesaid, but it shall not then be competent for him as between himself and the creditors or contributories to charge the winding up with the cost of any goods purchased by him unless the same have been necessary for the immediate purpose of carrying on the business and there are funds available for payment of the same after providing for the cost of winding up or unless the court otherwise orders; (f) in the case of a company unable to pay its debts, to elect to adopt or to abandon any contract entered into by the company before the commencement of the winding up to buy or receive in exchange any immovable property, transfer of which has not been effected in favour of the company: Provided that— (i) if the liquidator does not make his election within six weeks after being required in writing to do so, the person entitled under the contract may apply by motion to the court for cancellation of the contract and delivery of possession of the immovable property and the court may make such order as it thinks fit; (ii) nothing in this paragraph contained shall affect any concurrent claim against the company for damages for non-fulfilment of the contract; (g ) to terminate any lease entered into by the company as lessee by notice in writing to the lessor, subject however to the following terms and conditions— (i) nothing in this paragraph contained shall affect any claim by the lessor against the company for damages he may have sustained by reason of the non-performance of the terms of the lease; (ii) if the liquidator does not, within three months of his appointment, notify the lessor that he is prepared to continue the lease on behalf of the company he shall be deemed to have terminated the lease at the end of such three months; (iii) the rent due under any lease so terminated from the date of the commencement of the winding up to the termination of the lease by the liquidator shall be included in the costs of administration; (iv) the fact that a lease has been terminated by the liquidator shall deprive him of any right to compensation for improvements made during the period of the lease;