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Court may determine or limit receivership on application of liquidator.
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176.—The Principal Act is hereby amended by the insertion after section 322 of the following section—
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“322B.—(1) On the application of the liquidator of a company that is being wound up (other than by means of a members' voluntary winding up) and in respect of which a receiver has been appointed (whether before or after the commencement of the winding up), the court may—
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(a) order that the receiver shall cease to act as such from a date specified by the court, and prohibit the appointment of any other receiver; or
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(b) order that the receiver shall, from a date specified by the court, act as such only in respect of certain assets specified by the court.
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An order under this subsection may be made on such terms and conditions as the court thinks fit.
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(2) The court may from time to time, on an application made either by the liquidator or by the receiver, rescind or amend an order made under subsection (1).
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(3) A copy of an application made under this section shall be served on the receiver and on the person who appointed him not less than 7 days before the hearing of the application, and the receiver and any such party may appear before and be heard by the court in respect of the application.
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(4) Except as provided in subsection (1), no order made under this section shall affect any security or charge over the undertaking or property of the company.”.
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