43. Dismissal of administrative or other receiver

(1) When an administration order takes effect in respect of a Company any administrative receiver of the Company shall vacate office.
(2) Where a Company is in administration, any receiver of part of the Company's property shall vacate office if the administrator of the Company requires him to.
(3) Where an administrative receiver or receiver vacates office under subsection (1) or (2) his remuneration shall be charged on and paid out of any property of the Company which was in his custody or under his control immediately before he vacated office.
(4) In the application of subsection (3) —
(a) "remuneration" includes expenses properly incurred and any indemnity to which the administrative receiver or receiver is entitled out of the property of the Company;
(b) the charge imposed takes priority over security held by the person by whom or on whose behalf the administrative receiver or receiver was appointed; and
(c) the provision for payment is subject to Section 45 (Moratorium on other legal process).