Article 34 - Court application by Administrator to discharge administration
Administrator of a Company may at any time apply to the QFC Court for and order that the appointment of an Administrator of the Company shall cease to have effect from a specified time.
Administrator shall as soon as reasonably practicable make an application under this Article 34:
(A) if it appears to him that the purpose or each of the purposes of the administration has been sufficiently achieved or is incapable of achievement; or
(B) if he is required to do so by a meeting of the
Company's creditors summoned for the purpose; or
(C) if he thinks that the
Company should not have entered into administration.
(3) On the hearing of an application under this section, the
QFC Court may by order:
(A) provide for the appointment of the
Administrator to cease from a specified time;
(B) where the
Administrator is appointed pursuant to an Administration Order, discharge or vary such order and make such consequential provision as it thinks fit;
(C) adjourn the hearing conditionally or unconditionally;
(D) make an interim order; or
(E) make any other order it thinks fit.
(4) Where the
Administration Order is discharged or varied or an Administrator is otherwise discharged, the Administrator shall, within 14 days after the making of the order effecting the discharge or variation, send a copy of that order to the CRO.
(5) If the
Administrator without reasonable excuse fails to comply with Article 34(4), he commits a contravention and is liable to a financial penalty and, for continued contravention, to a daily default financial penalty.