Administrative orders in relation to protected cell companies or to cells

(1) Subject to the provisions of this section, if in relation to a protected cell company the Court is satisfied, cells. (a) that the cellular assets attributable to a particular cell of a protected cell company (when an account is taken of the protected cell company’s non-cellular assets, unless there are no creditors in respect of a cell of the protected cell company against which such a creditor is entitled to have recourse against the company’s non-cellular assets) are or are likely to be insufficient to discharge the claims of creditors in respect of such a cell; or (b) that the protected cell company’s cellular assets and non-cellular assets are or are likely to be insufficient to discharge the liabilities of the protected cell company; and the Court considers that the making of an order under this section may achieve one of the purposes set out in subsection (4) of this section, the Court may make an order under this section (an “administrative order”) in respect of such cell or (as the case may be) in respect of the protected cell company. (2) An administrative order is an order directing that during the period for which the order is in force, the business and assets of or attributable to the cell of a protected cell company or, as the case may be, the business and assets of the protected cell company, shall be managed by a person (an “administrator”) appointed for that purpose by the Court. (3) An administrative order may be made in respect of one or more cells of the protected cell company. (4) The purposes for which an administrative order may be made are, (a) the survival as a going concern of the cells of the protected cell company or (as the case may be) of the protected cell company; or (b) the more advantageous realisation of the business and assets of or attributable to the cells of the protected cell company (as the case may be) or the business and assets of the protected cell company than would be achieved by a receivership of the cell of the protected cell company or (as the case may be) by the liquidation of the protected cell (5) An administrative order whether in respect of a protected cell company or a cell of the protected cell company, (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) shall cease to be of effect upon the appointment of a liquidator to act in respect of the protected cell company, but without prejudice to prior acts of the administrator. (6) No resolution for the voluntary winding-up of a protected cell company or any cell of the protected cell company which is subject to an administrative order, shall be effective without the leave of the Court.