Receivership order in relation to cells

17.-(1) Subject to the provisions of this section, if in relation to a protected cell company the Court is satisfied, (a) that the cellular assets attributable to a particular cell of the protected cell company (when an account is taken of the company’s non-cellular assets, unless there are no creditors in respect of that cell entitled to have recourse against the protected cell company’s non-cellular assets) are or are likely to be insufficient to discharge the claims of creditors in respect of that cell; (b) that the making of an administrative order under section 22 of this Act, in respect of such cell would not be appropriate; or (c) that the making of an order under this section would achieve the purposes set out in subsection (3) of this section, the Court may make an order under this section (a “receivership order”) in respect of that cell. (2) A receivership order is an order directing that the business and cellular assets of or attributable to a cell of a protected cell company be managed by the person specified in the receivership order (“the receiver”) for the purposes of, (a) the orderly winding-up of the protected cell company’s business attributable to such cell; and 18 (b) the distribution of the cellular assets of a protected cell company attributable to the cell to those entitled to have recourse thereto. (3) A receivership order may be made in respect of one or more cells of a protected cell company. (4) A receivership order, (a) may not be made if, (i) a liquidator has been appointed to act in respect of the protected cell company; or (ii) the protected cell company has passed a resolution for its voluntary winding-up; (b) may be made in respect of a cell subject to an administrative order made under section 22 of this Act; and (c) shall cease to have effect upon the appointment of a liquidator to act in respect of the protected cell company, but without prejudice to prior acts of the receiver. (5) No resolution for the voluntary winding-up of a protected cell company or any of its cells, which are subject to a receivership order, shall be effective without leave of the Court.