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124. Moving from administration to dissolution

(1) If the administrator of a Company thinks that the Company has no property which might permit a distribution to its creditors, he shall send a notice to that effect to the Registrar.
(2) The Court may on the application of the administrator of a Company disapply subsection (1) in respect of the Company.
(3) On receipt of a notice under subsection (1) the Registrar shall register it.
(4) On the registration of a notice in respect of a Company under subsection (1) the appointment of an administrator of the Company shall cease to have effect.
(5) If an administrator of a Company sends a notice under subsection (1) he shall as soon as is reasonably practicable —
(a) file a copy of the notice with the Court; and
(b) send a copy of the notice to each creditor of whose claim and address he is aware.
(6) At the end of the period of three months beginning with the date of registration of a notice in respect of a Company under subsection (1) the Company is deemed to be dissolved.
(7) On an application in respect of a Company by the administrator of a Company or another interested person the Court may —
(a) extend the period specified in subsection (6);
(b) suspend that period; or
(c) disapply subsection (6).
(8) Where an order is made under subsection (7) in respect of a Company the administrator of the Company shall as soon as is reasonably practicable notify the Registrar.
(9) An administrator of a Company 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 (5).