Is Voluntary Arrangement Determined by Winding-Up Order?

In Re Kudos Glass Ltd (In Liquidation) (TLR 30 November Ch D)

Where there is a company voluntary arrangement followed by an order for compulsory winding-up is the money harvested under the voluntary arrangement held on trust by the supervisor for the benefit of the creditors under the voluntary arrangement, or must the money now be handed over to the company’s liquidator to be distributed in the company’s liquidation? The answer depends on whether the voluntary arrangement could be said to have been terminated, or if the supervisor was breach of an obligation to bring a petition himself. The arrangement would be regarded as terminated if either the supervisor or a company voluntary agreement creditor were the petitioner in the compulsory winding-up proceedings. In either of those circumstances the petitioner could be said to have elected to determine the trusts of the scheme.