159. Vacation of office
(1) A receiver of a Company may at any time be removed from office by order of the Court (but not otherwise) and may resign his office by giving notice of his resignation in the manner prescribed in subsection (4).
(2) A receiver must vacate office if he ceases to be licensed as an insolvency practitioner under Part 9 (Insolvency Practitioners).
(3) At the time a receiver vacates office —
(a) his remuneration and any expenses properly incurred by him; and
(b) any indemnity to which he is entitled out of the assets of the Company,
shall be paid out of any property of the Company which is in his custody or under his control at that time, in priority to any security interest held by the person by or on whose behalf he was appointed.
(4) Before resigning or otherwise vacating his office a receiver shall give at least seven (7) days' notice of his intention to do so to —
(a) the person by whom he was appointed; and
(b) the Company or any liquidator appointed to it.
(5) A notice given under subsection (4) shall specify the date on which the receiver intends his resignation to take effect.
(6) When a receiver vacates office in accordance with this Section he shall, within fourteen (14) days after his vacation of office, send a notice to that effect to the Registrar.
(7) If a receiver without reasonable excuse fails to comply with subsections (2) or (6), he commits a contravention and is liable to a fine at the relevant level set out in the Fines Schedule.