Article 48 - Duration and extension of administration
Administrator is authorised to act for the period of two years from the date of his appointment. He may extend the period of administration beyond that period only in accordance with this Article.
(2) On the application of an
Administrator the QFC Court may by order extend his term of office for a specified period.
Administrator's term of office may be extended for a specified period not exceeding twelve months by consent.
(4) An order of the
QFC Court under Article 48(2):
(A) may be made in respect of an
Administrator whose term of office has already been extended by order or by consent; and
(B) may be made after the expiry of the period referred to in Article 48(1) or of any subsequent extension.
(5) Where an order is made under Article 48(2) the
Administrator shall as soon as reasonably practicable notify the CRO.
(6) In Article 48(3), in relation to an
Administrator appointed under Article 8 or Article 23, "consent" means consent of:
Secured Creditor of the Company; and
(B) if the
Company has unsecured debts, creditors whose debts amount to more than 50% of the Company's unsecured debts, disregarding debts of any creditor who does not respond to an invitation to give or withhold consent.
(7) In Article 48(3), in relation to an
Administrator appointed under Article 20, "consent" means consent of the Secured Creditor.
Administrator's term of office may be extended by consent more than once.
(9) Where an
Administrator's term of office is extended by consent he shall as soon as is reasonably practicable:
(A) file notice of the extension with the
(B) notify the
(C) notify the
(10) Where an
Administrator fails to extend his term of office in accordance with this Article, the administration shall continue in force but the Administrator is liable to a fine.