240. Removal or resignation of liquidator

(1) The Court may, on cause shown, remove a liquidator or provisional liquidator and appoint another.
(2) A liquidator may only resign his office if he ceases to be a person who is licensed as an insolvency practitioner or there is some conflict of interest or change of personal circumstance which precludes or makes impracticable the further discharge by him of the duties of liquidator.
(3) A liquidator may resign his office by giving twenty-eight (28) days' notice of his resignation to the members and creditors of the Company and to the Registrar, together with a progress report providing an account of his acts and dealings, and of the conduct of the winding-up, since his last progress report or, if there is no such progress report, since his appointment.