3.18.—(1) An application by the liquidator under section 177 for the appointment of a special manager must be supported by a report setting out the reasons for the application.
(2) The report must include the liquidator’s estimate of the value of the business or property in relation to which the special manager is to be appointed.
(3) The court’s order appointing a special manager must specify the duration of the special manager’s appointment, being one of the following—
(a)for a fixed period stated in the order;
(b)until the occurrence of a specified event; or
(c)until the court makes a further order.
(4) The appointment of the special manager may be renewed by order of the court.
(5) The special manager’s remuneration will be fixed from time to time by the court.
(6) The acts of the special manager are valid notwithstanding any defect in the special manager’s appointment or qualifications.