(1)
If the administrator of a company thinks that the company has no property which might permit distribution to its creditors, he shall send a notice to that effect to the Commission.
(2)
The Court may on the application of the administrator of a company, discontinue the application of subsection (1) in respect of the company.
(3)
On receipt of a notice under subsection (1) the Commission shall register the notice.
(4)
On the registration of a notice in respect of a company under subsection (3) the appointment of an administrator of the company ceases to have effect.
(5)
If an administrator sends a notice under subsection (1), he shall, as soon as is reasonably practicable—
(a)
file a copy of the notice with the Court ; and
(b)
send a copy of the notice to each creditor of whose claim and address he is aware.
(6)
At the end of three months beginning with the date of registration of a notice in respect of a company under subsection (3) the company is deemed to be dissolved.
(7)
On an application in respect of a company by the administrator or another interested person, the Court may—
(a)
extend the period specified in subsection (6) ;
(b)
suspend that period ; or
(c)
discontinue the application of subsection (6).
(8)
Where an order is made under subsection (7) in respect of a company the administrator shall, as soon as is reasonably practicable, notify the Commission.
(9)
An administrator commits an offence if he fails, without reasonable excuse, to comply with subsection (5).