45 Vacation of office
45 Vacation of office

(1)     An administrative 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 prescribed manner to such persons as may be prescribed.

(2)     An administrative receiver shall vacate office if he ceases to be qualified to act as an insolvency practitioner in relation to the company.

(3)     Where at any time an administrative 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,