Paragraph 4 I1

In paragraph 99 (vacation of office of administrator: discharge from liability), for sub-paragraphs (2) and (3) substitute—

“(1A)

The discharge provided by sub-paragraph (1) takes effect in accordance with sub-paragraphs (2) to (2C).

(2)

In the case of an administrator who dies, the discharge takes effect on the filing with the High Court of notice of his or her death.

(2A)

In the case of an administrator who was appointed under paragraph 15 or 23 and who has not made a statement under paragraph 53(1)(b), the discharge takes effect at a time appointed—

(a)

by resolution of the creditors’ committee, or

(b)

if there is no such committee, by resolution of the creditors.

(2B)

In the case of an administrator who was appointed under paragraph 15 or 23 and who has made a statement under paragraph 53(1)(b), the discharge takes effect at a time decided by the relevant creditors (as to which, see sub-paragraphs (3) and (3A)).

(2C)

In any case, the discharge takes effect at such time as may be specified by the Court.

(3)

For the purposes of sub-paragraph (2B), the “relevant creditors” are the secured creditors of the company, unless sub-paragraph (3A) applies.

(3A)

If the administrator has made a distribution to preferential creditors, or thinks that a distribution may be made to preferential creditors, the “relevant creditors” are—

(a)

the secured creditors of the company, and

(b)

the preferential creditors of the company.”.