(1)A judicial factor must, no later than 6 months after the appointment date, send to the Accountant—
(a)a plan as to how the judicial factor intends to hold, manage, administer and protect the estate (a “management plan”), and
(b)any accompanying documents required by rules of court.
(2)As soon as reasonably practicable following receipt of a management plan, the Accountant must notify the judicial factor that the plan is approved—
(a)without modification,
(b)subject to such modifications as the Accountant may require.
(3)Before determining whether to require modifications to a management plan, the Accountant may request such further information as the Accountant considers appropriate.
(4)Where the Accountant requires modifications to a management plan, the Accountant must direct the judicial factor to resubmit the plan, by a date specified in the direction, with—
(a)the modifications specified in the direction,
(b)any further modifications which the judicial factor considers appropriate.
(5)Subsections (2) and (3) apply to a management plan resubmitted under subsection (4) as they apply to the management plan submitted under subsection (1).
(6)Where a management plan has been approved by the Accountant, the judicial factor—
(a)must review the management plan—
(i)from time to time (and at least annually), and
(ii)whenever required to do so by the Accountant,
(b)may modify the management plan at any time—
(i)with the prior approval of the Accountant, and
(ii)with the addition of any further modification required by the Accountant.
(7)The judicial factor must hold, manage, administer and protect the estate in accordance with the management plan, if a management plan has been approved under subsection (2)(a).
(8)The judicial factor must hold, manage, administer and protect the estate in accordance with the directions of the Accountant, if—
(a)no management plan has been approved without modification, or
(b)the Accountant has required a modification to the plan under subsection (6)(b)(ii) and that modification has not been effected by the judicial factor.
(9)The judicial factor must report to the Accountant, at such intervals as the Accountant may determine, on the holding, management, administration and protection of the factory estate.
(10)In this section, references to holding, managing, administering and protecting the estate are to be construed in accordance with the terms of the appointing interlocutor and any variation made to the functions of the judicial factor made by the court under section 14(2).