SCHEDULES

SCHEDULE 6Insolvency and company law

PART 2Administration of companies

Release of administrator where no distribution to unsecured creditors other than by virtue of section 176A(2)(a)

7

(1)

Paragraph 98 (vacation of office of administrator: discharge from liability) is amended as follows.

(2)

In sub-paragraph (2)(b) (when discharge takes effect in case of administrator appointed under paragraph 14 or 22), after “22” insert “ who has not made a statement under paragraph 52(1)(b) ”.

(3)

In sub-paragraph (2), after paragraph (b) (but before the “or” following it) insert—

“(ba)

in the case of an administrator appointed under paragraph 14 or 22 who has made a statement under paragraph 52(1)(b), at a time decided by the relevant creditors,”.

(4)

In sub-paragraph (3)—

(a)

for the words before paragraph (a) substitute “ For the purposes of sub-paragraph (2)(ba), the “relevant creditors” of a company are— ”;

(b)

in paragraph (b), for “give or withhold approval” substitute “ decide on the time of discharge ”.