Effect of appointment of administrator

The powers of officers of the company (including a provisional liquidator) are suspended upon the appointment of an administrator, except with his or her written approval or the approval of the court. However, the directors retain the power to appoint a replacement administrator in the event of a vacancy by death or otherwise. Proceedings against the company and action against its property are generally stayed and there is a moratorium on enforcing contractual rights against the company for a specified period. See Effect of appointment of administrator.