54. Release from duty to submit statement of Affairs; extension of time
Past version: effective from 14/06/2015 - 13/06/2015
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(1) The power of the administrator of a Company under Section 51(5) (Statement of Company's affairs) to give a release from the obligation imposed by Section 50(1) (Notice requiring Statement of Affairs), or to grant an extension of time, may be exercised at his own discretion, or at the request of any relevant person.
(2) A relevant person may, if he requests a release or extension of time and it is refused by the administrator of a Company, apply to the Court for it.
(3) The Court may, if it thinks that no sufficient cause is shown for the application, dismiss it without a hearing but it shall not do so without giving the relevant person at least five (5) business days' notice, upon receipt of which the relevant person may request the Court to list the application for a without notice hearing. If the application is not dismissed the Court shall fix a venue for it to be heard, and give notice to the relevant person accordingly.
(4) The relevant person shall, at least fourteen (14) days before the hearing, send to the administrator of the Company a notice stating the venue and accompanied by a copy of the application and of any evidence which he (the relevant person) intends to adduce in support of it.
(5) The administrator of a Company may appear and be heard on the application and, whether or not he appears, he may file a written report of any matters which he considers ought to be drawn to the Court's attention.
(6) If such a report is filed, a copy of it shall be sent by the administrator of the Company to the relevant person, not later than five (5) business days before the hearing.
(7) Sealed copies of any order made on the application shall be sent by the Court to the relevant person and the administrator of the Company.
(8) On any application under this Section the relevant person's costs shall be paid in any event by him and, unless the Court otherwise orders, no allowance towards them shall be made as an expense of the administration.