Section 417. Vacation of office and release

(1) The judicial manager of a company may—

(a) at any time be removed from office by order of the Court; or

(b) resign his office by giving notice of his resignation to the Court with leave of the Court and subject to such conditions as the Court may impose.

(2) The judicial manager of a company shall vacate office if—

(a) being an insolvency practitioner at the time of his appointment, he ceases to be an insolvency practitioner; or

(b) the judicial management order is discharged.

(3) Where at any time a person ceases to be a judicial manager of a company whether by virtue of this section or by reason of his death—

(a) any sums payable in respect of any debts or liabilities incurred while the person was a judicial manager under contracts entered into by him in the carrying out of his functions; and

(b) any remuneration and expenses properly incurred by him,

shall be charged on and paid out of the property of the company in his custody or under his control in priority to all other debts, except those subject to a security to which subsection 415(2) applies.

(4) Where a person ceases to be a judicial manager of a company, he shall, from such time as the Court may determine, be released from any liability in respect of any act or omission done by him in the management of the company or otherwise in relation to his conduct as a judicial manager.

(5) Nothing in this section shall relieve the person who ceases to be a judicial manager of a company from any liability referred to in subsection 424(5).