121. Public interest winding-up

(1) This Section applies where a winding-up order is made for the winding-up of a Company in administration or which is subject to a Deed of Company Arrangement on a petition presented under Section 203 (Petition for winding-up by the Financial Services Regulator).
(2) This Section also applies where a provisional liquidator of a Company in administration or which is subject to a Deed of Company Arrangement is appointed following the presentation of a petition as described in subsection (1).
(3) The Court shall order —
(a) that the appointment of the administrator shall cease to have effect; or
(b) that the appointment of the administrator shall continue to have effect.
(4) If the Court makes an order under subsection (3)(b) it may also —
(a) specify which of the powers under these Regulations are to be exercisable by the administrator; and
(b) order that these Regulations shall have effect in relation to the administrator with specified modifications.