PART 2

Sequestration: award and recall

Recall of sequestration

Recall of sequestration by Accountant in Bankruptcy
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1
AiB may recall an award of sequestration if—
a
the trustee has notified AiB, in the statement submitted under section 32, that the debtor's debts have been paid in full (including the outlays and remuneration of the interim trustee and the trustee), and
b
AiB is satisfied that in all the circumstances it is appropriate to do so.
2
AiB may not recall an award of sequestration after—
a
where no appeal in made under section 37(5)(a), the day which is 8 weeks after the day on which the statement was first submitted under section 32(3), or
b
where such an appeal is made, such later day which is 14 days after the day on which the appeal is finally determined or abandoned.
3
If AiB does not under subsection (1) recall an award of sequestration, the sequestration must continue but is to be subject to such conditions as AiB thinks fit.
4
Without delay after granting recall under subsection (1), AiB must send a certified copy of the decision to the Keeper of the Register of Inhibitions for recording in that register.