Section 22: Discharge and variation of order
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.
22. Discharge and variation of order
(1) The Court shall not discharge an administration order unless it considers that—
(a) the purpose for which the order was made has been achieved or
is incapable or achievement; or
(b) it would otherwise be desirable or expedient to discharge the
order.
(2) The Court, on hearing an application for the discharge or variation of
an administration order, may make any interim order or adjourn the hearing.
(3) Upon discharging an administration order, the Court may direct—
(a) where the administration order was made in respect of a protected cell company, that any payment made by the administrator to a creditor of the company shall be deemed full satisfaction
of the liability of the company to that creditor and the creditor’s
claims against the company shall be deemed extinguished;
(b) where the administration order was made in respect of a cell,
that any payment made by the administrator to any creditor of
the company in respect of that cell shall be deemed full satisfaction of the liabilities of the company to that creditor in respect of
that cell and the creditor’s claims against the company in respect of that cell shall thereby be deemed extinguished.
(4) Nothing in subsection (3) shall operate to affect or extinguish any
right or remedy of a creditor against any other person, including any surety
of the protected cell company.