Prospective

Part 4 S Distribution of factory estate, termination, recall and discharge of judicial factor

Appointment of replacement judicial factor S

33 Duty of Accountant to apply for appointment of replacement where judicial factor has died or ceased to perform duties S

(1) Where a judicial factor (“the original judicial factor”)—

(a) dies, and no application is lodged by any person for a judicial factor to be appointed in place of the original judicial factor, subsection (2) applies,

(b) ceases for whatever reason to perform the duties of a judicial factor and no application is lodged by any person for a judicial factor to be appointed in place of the original judicial factor, subsection (3) applies.

(2) Where this subsection applies, if the Accountant is of the opinion that the purpose for which the original judicial factor was appointed still exists, the Accountant must apply to the court for the appointment of a judicial factor under section 1(1), in place of the original judicial factor.

(3) Where this subsection applies, if the Accountant is of the opinion that the purpose for which the original judicial factor was appointed still exists, the Accountant must apply to the court—

(a) for the recall of the original judicial factor’s appointment, and

(b) under section 1(1), for a judicial factor to be appointed in place of the original judicial factor.

(4) Where either subsection (2) or (3) applies, if the Accountant is of the opinion that—

(a) the purpose for which the original judicial factor was appointed no longer exists, and

(b) some actings are required to bring the judicial factory to an end,

the Accountant must apply to the court under section 1(1) for a judicial factor to be appointed in place of the original judicial factor to carry out those actings.

(5) A judicial factor appointed by virtue of subsection (2), (3) or (4) (“the replacement judicial factor”) must—

(a) bring the accounts relating to the factory estate up to date,

(b) close those accounts as at the date on which the appointing interlocutor for the replacement judicial factor is pronounced, and

(c) on its appearing to the replacement judicial factor to be appropriate to do so, apply to the Accountant for discharge of the original judicial factor.

(6) The Accountant may grant an application made under paragraph (c) of subsection (5) if satisfied that it is appropriate to do so.

(7) The expenses of any application lodged under subsection (2), (3) or (4) are, unless the court determines otherwise, to be met from the factory estate.

Commencement Information

I1 S. 33 not in force at Royal Assent, see s. 54(2)