Article 49 - Moving from administration to creditors' voluntary Liquidation
(1) This Article 49 applies where the
Administrator of a Company thinks:
(A) that the total amount which each
Secured Creditor of the Company is likely to receive has been paid to him or set aside for him; and
(B) that a distribution will be made to unsecured creditors of the
Company (if there are any).
Administrator may summon a meeting of the Company's creditors at which a Resolution For Voluntary Winding Up shall be proposed.
(3) On the passing of a resolution at the meeting summoned under Article 49 (2):
(A) the appointment of an
Administrator in respect of the Company shall cease to have effect;
Administration Order in force shall be discharged; and
Company shall be wound up as if a Resolution For Voluntary Winding Up under Article 58 had been passed.
Administrator shall send to the CRO a notice that this Article has been complied with.
(5) When an
Administrator sends a notice under Article 49 (4) he shall as soon as is reasonably practicable:
(A) file a copy of the notice with the
QFC Court; and
(B) send a copy of the notice to each creditor of whose claim and address he is aware.
Liquidator for the purposes of the winding up shall be:
(A) a person nominated by the creditors of the
Company in accordance with Article 65; or
(B) if no person is nominated under Article 49 (6)(A), the
(7) In relation to a winding up pursuant to this Article 49 :
(A) Article 63 does not apply; and
Creditors' Committee which is in existence immediately before the Company ceases to be in administration shall continue in existence after that time as if appointed as a Liquidation Committee.