Article 24 - Notice of intention to appoint
(1) A person who proposes to make an appointment under Article 23 shall give at least two
Business Days' written notice to any person who is a Secured Creditor and may be entitled to appoint an Administrator of the Company under Article 20.
(2) A copy of the notice of intention to appoint an
Administrator for the purposes of Article 23 must also be given to the Company if the directors are making the appointment.
(3) A person who gives notice of intention to appoint an
Administrator under Article 24(1) shall file with the QFC Court as soon as is reasonably practicable copies of the notice and the declaration referred to in Article 24(6).
QFC Court may, at any time from the filing of a notice of intention to appoint under Article 24(3), and with a view to the preservation of the Company's business and assets, appoint an Administrator provisionally and upon such terms as the QFC Court sees fit. The powers of such an Administrator may be limited by the order appointing him.
(5) The remuneration and any expenses properly incurred by a provisional
Administrator shall be a first charge on and paid out of any property arising from the exercise of his functions as provisional Administrator and which is in his custody or under his control at that time.
(6) The person proposing to appoint an
Administrator shall make a declaration:
(A) that the
Company is or is likely to become unable to pay its debts; and
(B) that the
Company is not in Liquidation.
(7) The declaration shall be made not more than five
Business Days before the notice is filed with the QFC Court.
(8) The notice of intention to appoint shall be accompanied by either a copy of the resolution of the
Company to appoint an Administrator (where the Company intends to make the appointment) or a record of the decision of the directors (where the directors intend to make the appointment).