Insolvency, Restructuring and Dissolution Act 2018 · 2020 Revised Edition · Part 7 · Judicial Management
112. Duty to apply for discharge from judicial management
Feedback & supportThe judicial manager of a company must apply to the Court for the company to be discharged from judicial management if it appears to the judicial manager that —
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;
one or more of the purposes of judicial management mentioned in section 89(1) has been achieved; or
none of the purposes of judicial management mentioned in section 89(1) is capable of achievement.
On the hearing of an application under this section, the Court may —
by order discharge the company from judicial management and make such consequential provision as the Court thinks fit;
adjourn the hearing conditionally or unconditionally; or
make an interim order or any other order the Court thinks fit.
Where the company is discharged from judicial management, the judicial manager must immediately lodge with the Official Receiver and the Registrar of Companies a copy of the order effecting the discharge.
company
“company” has the meaning given by section 4(1) of the Companies Act 1967;
Where a company is discharged from judicial management under this Part, or where a person ceases to be a judicial manager pursuant to section 104, the judicial manager or person may apply to the Court to be released, and the Court may, if the Court thinks fit, make an order releasing the judicial manager or person from liability in respect of any act or omission by the judicial manager or person in the management of the company or otherwise in relation to the judicial manager’s or person’s conduct as judicial manager.
liability
“liability” means a liability to pay money or money’s worth, regardless whether such liability is present or future, certain or contingent or of an amount that is fixed or liquidated or that is capable of being ascertained by fixed rules or as a matter of opinion, and includes any such liability arising —(a)under any written law;(b)under contract, tort or bailment;(c)as a result of a breach of trust by the person liable; or(d)out of an obligation to make restitution;
Any release ordered by the Court under subsection (4) does not relieve the judicial manager or person from liability for any misapplication or retention of any money or property of the company or for which the judicial manager or person has become accountable, or from any law to which the judicial manager or person would be subject in respect of negligence, default, misfeasance, breach of trust or breach of duty in relation to the company.
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;