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101. Hire-purchase property

(1) The Court may by order enable the administrator of a Company or of a Deed of Company Arrangement to dispose of goods which are in the possession of the Company under a hire-purchase agreement as if all the rights of the owner under the agreement were vested in the Company.
(2) An order under subsection (1) may be made only —
(a) on the application of the administrator of the Company or of a Deed of Company Arrangement; and
(b) where the Court thinks that disposal of the goods would be likely to promote the purpose of administration or the Deed of Company Arrangement in respect of the Company.
(3) An order under this Section is subject to the condition that there be applied towards discharging the sums payable under the hire-purchase agreement —
(a) the net proceeds of disposal of the goods; and
(b) any additional money required to be added to the net proceeds so as to produce the amount determined by the Court as the net amount which would be realised on a sale of the goods at market value.
(4) An administrator of a Company or of a Deed of Company Arrangement who makes a successful application for an order under this Section shall send a copy of the order to the Registrar before the end of the period of fourteen (14) days starting with the date of the order.
(5) An administrator of a Company or of a Deed of Company Arrangement commits a contravention and is liable to a fine at the relevant level set out in the Fines Schedule if he fails without reasonable excuse to comply with subsection (4).