102. Disposal of charged property

(1) The following applies where the administrator of a Company or of a Deed of Company Arrangement applies to the Court under Section 100 (Charged property) or Section 101 (Hire-purchase property) for authority to dispose of property of the Company which is subject to a security, or goods in the possession of the Company under a hire-purchase agreement.
(2) The Court shall fix a venue for the hearing of the application, and the administrator of the Company or of a Deed of Company Arrangement shall as soon as reasonably practicable give notice of the venue to the person who is the holder of the security or, as the case may be, the owner under the agreement.
(3) If an order is made under Section 100 (Charged property) or Section 101 (Hire-purchase property) the Court shall send two (2) sealed copies to the administrator.
(4) The administrator shall send one of them to that person who is the holder of the security or owner under the agreement.
(5) The administrator must send a copy of the sealed order to the Registrar.