Article 44 - Protection of interests of creditors and members
(1) At any time when a
Company is in administration, the QFC Authority, a creditor or a member of the Company may apply to the QFC Court by application for an order under this Article on the ground:
(A) that the
Company's affairs, business and property are being or have been managed by the Administrator in a manner which is unfairly prejudicial to the interests of its creditors or members generally, or of some part of its creditors or members (including at least himself); or
(B) that any actual or proposed act or omission of the
Administrator is or would be so prejudicial.
(2) Subject to the
Administrator's duty to the Secured Creditor under Article 20(2), Article 44(1) shall not apply when the Administrator has been appointed by a Secured Creditor under Article 20.
(3) On an application for an order under this section the
QFC Court may, subject as follows, make such order as it thinks fit for giving relief in respect of the matters complained of, or adjourn the hearing conditionally or unconditionally, or make an interim order or any other order that it thinks fit.
(4) An order under this Article 44 shall not prejudice or prevent:
(A) the implementation of an
Arrangement approved under Section 8 of this Part; or
(5) Subject as above, an order under this Article 44 may in particular:
(A) regulate the future management by the
Administrator of the Company's affairs, business and property;
(B) require the
Administrator to refrain from doing or continuing an act complained of by the applicant, or to do an act which the applicant has complained he has omitted to do;
(C) require the summoning of a meeting of creditors or members for the purpose of considering such matters as the
QFC Court may direct; and
(D) discharge the
Administration Order and make such consequential provision as the QFC Court thinks fit.