Article 50 - Moving from administration to dissolution
(1) If the
Administrator of a Company thinks that the Company has no further assets capable of realisation and no property which might permit a distribution to its creditors, and further that the dissolution of the Company will not be adverse to the interests of creditors, then he shall send a notice to that effect to the CRO.
(2) On the delivery to the
CRO of a notice in respect of a Company under Article 50(1) the appointment of an Administrator of the Company shall cease to have effect, and any Administration Order in force shall be discharged.
(3) If an
Administrator sends a notice under Article 50(1) 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.
(4) At the end of the period of three months beginning with the date of delivery to the
CRO of a notice in respect of a Company under Article 50(1) the Company is deemed to be dissolved.
QFC Court may, on the application of any person who appears to the QFC Court to be interested, make an order deferring the date at which the dissolution of the Company is to take effect for such time as the QFC Court thinks fit.