Insolvency Act · s 231

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231.
Effect of appointment of Executive Manager
(1) On the appointment of an Executive Manager —
(a) any petition for the winding up of the company or for the appointment of a judicial manager shall be dismissed; and
(b) any receiver or manager of all or any part of the property of the company shall vacate office on being required to do so by the
Executive Manager.
(2) During the period for which an Executive Manager is in office —
(a) no resolution may be passed or order made for the winding up of the company;
(b) no steps may be taken to enforce any security over the property of the company, or to repossess goods in the possession of the company under any hire-purchase agreement, conditional sale agreement, chattels leasing agreement or retention of title agreement, except with the consent of the Executive Manager; and
(c) no other legal proceedings (including a petition for a judicial management order) and no execution or other legal process may be commenced or continued, and no distress may be levied, against the company or its property except with the consent of the Executive
Manager, provided that the Minister may at any time present a petition for a judicial management order.

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s 231Effect of appointment of Executive Manager

(1)

On the appointment of an Executive Manager —

(a)

any petition for the winding up of the company or for the appointment of a judicial manager shall be dismissed; and

(b)

any receiver or manager of all or any part of the property of the company shall vacate office on being required to do so by the

Executive Manager.

(2)

During the period for which an Executive Manager is in office —

(a)

no resolution may be passed or order made for the winding up of the company;

(b)

no steps may be taken to enforce any security over the property of the company, or to repossess goods in the possession of the company under any hire-purchase agreement, conditional sale agreement, chattels leasing agreement or retention of title agreement, except with the consent of the Executive Manager; and

(c)

no other legal proceedings (including a petition for a judicial management order) and no execution or other legal process may be commenced or continued, and no distress may be levied, against the company or its property except with the consent of the Executive

Manager, provided that the Minister may at any time present a petition for a judicial management order.