(1)
Where a person ceases to be the administrator of a company because—
(a)
he vacates office by reason of resignation, death or otherwise ;
(b)
he is removed from office ; or
(c)
his appointment ceases to have effect, he is discharged from liability in respect of any of his actions as Administrator.
(2)
The discharge provided by subsection (1) takes effect in—
(a)
the case of an administrator who dies, on the filing with the court of notice of his death ;
(b)
the case of an administrator appointed under section 450 or 457 of this Act, at a time appointed by resolution of the creditors’ committee or, if there is no committee, by resolution of the creditors ; or
(c)
any other case, at a time specified by the Court.
(3)
For the purpose of the application of subsection (2) ( where the Administrator has made a statement under section 488 of this Act, a resolution is taken as passed if it is passed with the approval—
(a)
each secured creditor of the company ;
(b)
each secured creditor of the company ; and
(c)
preferential creditors whose debts amount to more than 50% of the preferential debts of the company, disregarding debts of any creditor who does not respond to an invitation to give or withhold approval, where the administrator has made a distribution to preferential creditors or thinks that a distribution may be made to preferential creditors.
(4)
In this section, “discharge”—
(a)
applies to liability accrued before the discharge takes effect ; and
(b)
does not prevent the exercise of the court’s powers under section 500.