Section 21: Functions of administrator
consolidated text (as at 2013, amended since). juris shows the text as it was consolidated; it does not confirm that this is the law in force today.
21. Functions of administrator
(1) The administrator of a cell—
(a) may do all such things as may be necessary for the purpose for
which the administration order was made; and
(b) shall have all the functions and powers of the directors in respect of the business and cellular assets of, or attributable to,
the cell.
(2) An administrator may, at any time, apply to the Court for—
(a) directions as to the extent or exercise of any function or power;
(b) the administration order to be discharged or varied; or
(c) an order as to any matter arising in the course of his
administration.
(3) In exercising his functions and powers, an administrator shall be
deemed to act as the agent of the protected cell company, and shall not incur personal liability except to the extent that he is fraudulent, reckless or
grossly negligent, or acts in bad faith.
(4) Any person dealing with an administrator in good faith shall not be
required to enquire whether the administrator is acting within his powers.
(5) Where an application has been made for, and during the period of operation of, an administration order—
(a) no proceedings may be instituted or continued by or against the
company; and
(b) no steps may be taken to enforce any security or in execution of
legal process in respect of the business or assets of the company or, as the case may be, the business or assets of, or attributable to, the cell,
without the leave of the Court.
P42 – 13 [Issue 1]
Protected Cell Companies Act
(6) During the period of operation of an administration order—
(a) in respect of a cell—
(i) the functions and powers of the directors shall cease in
respect of the business and cellular assets of, or attributable to, the cell; and
(ii) the administrator shall be deemed a director of the company in respect of the company’s non-cellular assets,
unless there are no creditors of the company in respect of
that cell entitled to have recourse to the company’s noncellular assets;
(b) in respect of a protected cell company, the functions and powers of the directors shall cease.