Section 424. 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 the judicial manager that the purpose specified in the order either has been achieved or is incapable of achievement.

(2) On the hearing of an application under this section, the Court may, by order—

(a) discharge the judicial management order;

(b) make any consequential provision as it thinks fit;

(c) adjourn the hearing conditionally or unconditionally; or

(d) make an interim order or any other order that the Court thinks fit.

(3) Where the judicial management order is discharged, the judicial manager shall lodge a copy of the order affecting the discharge with the Registrar within seven days of the making of the order of discharge.

(4) Where a judicial management order has been discharged under this Subdivision or where a person ceases to be a judicial manager under section 417, the judicial manager may apply to the Court for his discharge.

(5) Upon receipt of an application under subsection (4), the Court may, if it thinks fit—

(a) make an order discharging him from liability in respect of any act or omission by him in the management of the company; or

(b) make an order discharging him in relation to his conduct as judicial manager,

but any such discharge shall not relieve him from liability for any misapplication or retention of money or property of the company or for which the judicial manager 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.