SCHEDULES
F1C3C4C5SCHEDULE B1 ADMINISTRATION
Sch. B1 applied in part (with modifications) (5.10.2004) by Energy Act 2004 (c. 20), ss. 159(1), 198, Sch. 20 Pts. 1-3; S.I. 2004/2575, art. 2(1), Sch. 1
Sch. B1 applied (with modifications) (1.7. 2005) by S.I. 1994/2421, art. 6(1), Sch. 2 (as amended (1.7.2005) by S.I. 2005/1516, arts. 3, 7, Sch. 1 (with art. 2))
Sch. B1: specified provisions applied (with modifications) (1.10.2011) by Postal Services Act 2011 (c. 5), ss. 73, 93(2)(3), {Sch. 10 Pts. 1, 2}; S.I. 2011/2329, art. 3 (with arts. 4, 5)
EFFECT OF ADMINISTRATION
C141Dismissal of administrative or other receiver
1
When an administration order takes effect in respect of a company any administrative receiver of the company shall vacate office.
C22
Where a company is in administration, any receiver of part of the company’s property shall vacate office if the administrator requires him to.
3
Where an administrative receiver or receiver vacates office under sub-paragraph (1) or (2)—
a
his remuneration shall be charged on and paid out of any property of the company which was in his custody or under his control immediately before he vacated office, and
b
he need not take any further steps under section 40 or 59.
4
In the application of sub-paragraph (3)(a)—
a
“remuneration” includes expenses properly incurred and any indemnity to which the administrative receiver or receiver is entitled out of the assets of the company,
b
the charge imposed takes priority over security held by the person by whom or on whose behalf the administrative receiver or receiver was appointed, and
c
the provision for payment is subject to paragraph 43.
Sch. B1 inserted (15.9.2003) by 2002 c. 40, ss. 248(2), 279, Sch. 16 (with s. 249(1)-(3)(6)); S.I. 2003/2093, art. 2(1), Sch. 1 (subject to arts. 3-8 (as amended by S.I. 2003/2332, art. 2))