246 Administration order in relation to protected cell companies or cells

(1) Subject to the other provisions of this section, where, in relation to a
protected cell company, the Court is satisfied —


(a) that the cellular assets attributed to a particular cell of the
company (and, where the company has entered into a recourse
agreement, the assets liable under that agreement) are or are
likely to be insufficient to discharge the claims of creditors in
respect of that cell; or

(b) that the company‘s cellular assets and non-cellular assets are or
are likely to be insufficient to discharge the liabilities of the
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), the Court may
make an order under this section (an „administration order“) in respect
of that company.

(2) An administration order may be made in respect of one or more cells.

(3) An administration 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 or, as the case may be, the business and assets of the company,
shall be managed by a person (the „administrator“) appointed by the
Court for that purpose.

(4) The purposes for which an administration order may be made are —

(a) the survival as a going concern of the cell or of the company,
as the case may be;


(b) the more advantageous realisation of the business and assets of
or attributable to the cell or (as the case may be) the business and
assets of the company than would be achieved by a receivership
of the cell or (as the case may be) by the liquidation of the
company.

(5) An administration order, whether in respect of a protected cell company
or a cell thereof —

(a) may not be made if —

(i) a liquidator has been appointed to act in respect of the
company; or

(ii) the company has passed a resolution for voluntary
winding up;

(b) shall cease to be of effect upon the appointment of a liquidator to
act in respect of the company, but without prejudice to prior acts.

(6) No resolution for the voluntary winding up of a protected cell company
which, or any cell of which, is subject to an administration order shall be
effective without the leave of the Court.