Insolvency, Restructuring and Dissolution Act 2018 · 2020 Revised Edition · Part 7 · Judicial Management
104. Vacation of office and release
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The judicial manager of a company —
judicial manager
“judicial manager”, in relation to a company, means a person appointed under this Part to manage the company and its affairs, business and property, but does not, unless a contrary intention appears, include an interim judicial manager;
may at any time be removed from office by order of the Court; and
may, with the permission of the Court and subject to such conditions as the Court may impose, resign from the office of judicial manager by giving notice of resignation to the Court.
The judicial manager of a company must vacate office if —
company
“company” has the meaning given by section 4(1) of the Companies Act 1967;
being a licensed insolvency practitioner at the time of his or her appointment, the judicial manager ceases to be a licensed insolvency practitioner; or
the company is discharged from judicial management.
Where at any time a person ceases to be a judicial manager of a company, whether by virtue of this section or by reason of the person’s death, any remuneration and expenses properly incurred by the person must be charged on and paid out of the property of the company in the custody or under the control of the person in accordance with section 114 and in priority to all other debts, except those subject to a security to which section 100(2) or 101(1)(c) or (d) applies.
property
“property” includes —(a)money, goods, things in action, land and every description of property, wherever situated; and(b)obligations and every description of interest, whether present or future or vested or contingent, arising out of or incidental to property;
Where a person ceases to be a judicial manager of a company, from such time as the Court may determine, the person is released from any liability in respect of any act or omission by the person in the management of the company or otherwise in relation to the person’s conduct as a judicial manager, but nothing in this section relieves the person of any of the liabilities mentioned in section 112(5).
Where the office of a judicial manager has been vacated, the Court may appoint another licensed insolvency practitioner as judicial manager of the company.
licensed insolvency practitioner
“licensed insolvency practitioner” and “licensee” mean the holder of a licence granted under section 51;