Insolvency Act · s 48

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48.
Duty to apply for discharge of judicial management order
(1) The judicial manager of a company shall apply to the Court for the judicial management order to be discharged if it appears to him that the purpose or each of the purposes specified in the order has been achieved or is incapable of achievement.
(2) On the hearing of an application under this section, the Court may —
(a) by order —
(i) discharge the judicial management order and make such consequential provision as it thinks fit; or
(ii) adjourn the hearing conditionally or unconditionally; or
(b) make an interim order or any other order that it thinks fit.

Insolvency
(3) Where the judicial management order is discharged, the judicial manager shall immediately send to the Registrar a copy of the order effecting the discharge.
(4) (a) Subject to paragraph (b), where a judicial management order has been discharged under this Part or where a person ceases to be a judicial manager pursuant to section 41, the judicial manager may apply to the Court for his release and the Court may, if it thinks fit, make an order releasing him from liability in respect of any act or omission by him in the management of the company or otherwise in relation to his conduct as judicial manager.
(b) Any such release shall not relieve him from liability for any misapplication or retention of money or property of the company or for which he has become accountable or from any law to which he would be subject in respect of negligence, default, misfeasance, breach of trust or breach of duty in relation to the company.

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s 48Duty to apply for discharge of judicial management order

(1)

The judicial manager of a company shall apply to the Court for the judicial management order to be discharged if it appears to him that the purpose or each of the purposes specified in the order has been achieved or is incapable of achievement.

(2)

On the hearing of an application under this section, the Court may —

(a)

by order —

(i)

discharge the judicial management order and make such consequential provision as it thinks fit; or

(ii)

adjourn the hearing conditionally or unconditionally; or

(b)

make an interim order or any other order that it thinks fit.

Insolvency

(3)

Where the judicial management order is discharged, the judicial manager shall immediately send to the Registrar a copy of the order effecting the discharge.

(4)

(a)

Subject to paragraph (b), where a judicial management order has been discharged under this Part or where a person ceases to be a judicial manager pursuant to section 41, the judicial manager may apply to the Court for his release and the Court may, if it thinks fit, make an order releasing him from liability in respect of any act or omission by him in the management of the company or otherwise in relation to his conduct as judicial manager.

(b)

Any such release shall not relieve him from liability for any misapplication or retention of money or property of the company or for which he has become accountable or from any law to which he would be subject in respect of negligence, default, misfeasance, breach of trust or breach of duty in relation to the company.