(1)
On the application of the administrator of a company, the Court may provide for the appointment of an administrator of the company to cease to have effect from a specified time.
(2)
The administrator of a company shall make an application under this section if—
(a)
he thinks the purpose of administration cannot be achieved in relation to the company ;
(b)
he thinks the company should not have entered administration ; or
(c)
a creditors’ meeting requires him to make an application under this section.
(3)
The administrator of a company shall make an application under this section if the—
(a)
administration is pursuant to an administration order ; and
(b)
administrator thinks that the purpose of administration has been sufficiently achieved in relation to the company.
(4)
On an application under this section the Court may—
(a)
adjourn the hearing conditionally or unconditionally ;
(b)
dismiss the application ;
(c)
make an interim order ; or
(d)
make any order it considers appropriate, whether in addition to, in consequence of or in place of the order applied for.