Prospective
36Termination of judicial factory where insufficient fundsS
(1)This section applies where the Accountant is satisfied that there are not sufficient funds in the factory estate to meet the expenses of, or arising in connection with—
(a)any formulation by the judicial factor of a scheme under section 30(1),
(b)the seeking of approval of such a scheme, or
(c)distribution of the factory estate in accordance with such a scheme.
(2)The Accountant must, except where subsection (5) applies—
(a)direct the judicial factor to distribute the funds in the factory estate in any way the Accountant considers appropriate,
(b)terminate the judicial factory,
(c)recall the judicial factor’s appointment, and
(d)discharge the judicial factor.
(3)As soon as reasonably practicable after terminating a judicial factory under subsection (2)(b) the Accountant must send the certificate of termination, recall and discharge to the Keeper for recording in the Register of Inhibitions.
(4)Any fee payable by virtue of subsection (3) is to be met from the factory estate.
(5)If the Accountant considers or suspects there has been misconduct or failure on the part of the judicial factor, section 41 applies.
Commencement Information
I1S. 36 not in force at Royal Assent, see s. 54(2)