The following applies where the special PPP administrator applies to the court under section 15(2) of the 1986 Act for authority to dispose of property of the PPP company which is subject to a security, or goods in the possession of the PPP company under an agreement, to which that subsection relates.

The court shall fix a venue for the hearing of the application, and the special PPP administrator shall forthwith give notice of the venue to the person who is the holder of the security or, as the case may be, the owner under the agreement.

If an order is made under the said section 15(2), the special PPP administrator shall forthwith give notice of it to that person or owner and to the registrar of companies in Form PPP16.

The court shall send two sealed copies of the order to the special PPP administrator, who shall send one of them to that person or owner.