Discharge and variation of receivership orders

(1) The Court shall not discharge a receivership order unless it appears to the Court that the purpose for which the order was made has been achieved, or substantively achieved, or is incapable of achievement. (2) The Court, on hearing an application for the discharge or variation of a receivership order, may make an interim order or adjourn the hearing, conditionally or unconditionally. (3) Upon the Court discharging a receivership order in respect of a cell of a protected cell company on the ground that the purpose for which the order was made has been achieved or substantially achieved, the Court may direct that any payment made by the receiver to any creditor of the protected cell company in respect of a cell of the protected cell company against which the creditor has a right of recourse, shall be deemed full satisfaction of the liabilities of the protected cell company to that creditor and in respect of that cell, and the creditor’s claim against the protected cell company in respect of such a cell shall be thereby extinguished. (4) Nothing in subsection (3) of this section shall operate so as to affect or extinguish any right or remedy of a creditor against any other person, including any surety of the protected