(1) A party may discontinue an application or response by filing a notice of discontinuance in accordance with the approved form.
(2) A notice of discontinuance may be filed:
(a) at least 14 days before the day fixed for the final hearing of the application; or
(b) with the leave of the Court or a Registrar, at a later time.
(3) However, a party must not file a notice of discontinuance without the leave of the Court or a Registrar if the proceeding is a creditor's petition.
(4) A party filing a notice of discontinuance must, as soon as practicable, serve a copy of the notice on each other party to the proceeding.