F1SCHEDULE B1ADMINISTRATION
ENDING ADMINISTRATION
Moving from administration to dissolution
85.
(1)
If the administrator of a company thinks that the company has no property which might permit a distribution to its creditors, he shall send a notice to that effect to the registrar.
(2)
The High Court may on the application of the administrator of a company disapply sub-paragraph (1) in respect of the company.
(3)
On receipt of a notice under sub-paragraph (1) the registrar shall register it.
(4)
On the registration of a notice in respect of a company under sub-paragraph (1) the appointment of an administrator of the company shall cease to have effect.
(5)
If an administrator sends a notice under sub-paragraph (1) he shall as soon as is reasonably practicable—
(a)
file a copy of the notice with the Court, and
(b)
send a copy of the notice to each creditor of whose claim and address he is aware.
(6)
At the end of the period of 3 months beginning with the date of registration of a notice in respect of a company under sub-paragraph (1) the company is deemed to be dissolved.
(7)
On an application in respect of a company by the administrator or another interested person the Court may—
(a)
extend the period specified in sub-paragraph (6),
(b)
suspend that period, or
(c)
disapply sub-paragraph (6).
(8)
Where an order is made under sub-paragraph (7) in respect of a company the administrator shall as soon as is reasonably practicable notify the registrar.
(9)
An administrator commits an offence if he fails without reasonable excuse to comply with sub-paragraph (5).