(1)Section 478 of the 1985 Act (vacation of appointment by receiver) shall be amended as follows.
(2)For subsections (1) and (2) there shall be substituted the following subsections—
“(1)A receiver may be removed from office by the court under subsection (3) below and may resign his office by giving notice of his resignation in the prescribed manner to such persons as may be prescribed.
(2)A receiver shall vacate office if he ceases to be qualified (within the meaning of the Insolvency Act 1985) to act as an insolvency practitioner in relation to the company.”
(3)For subsection (4) there shall be substituted the following subsection—
“(4)Where at any time a receiver vacates office—
(a)his remuneration and any expenses properly incurred by him; and
(b)any indemnity to which he is entitled out of the property of the company,
shall be paid out of the property of the company which is subject to the floating charge and shall have priority as provided for in section 476(1).”
(4)In subsection (5) for the words " 7 days " there shall be substituted the words " 14 days ".