Section 45(3)

Where at any time an administrative receiver vacates office— his remuneration and any expenses properly incurred by him, and any indemnity to which he is entitled out of the assets of the company, shall be charged on and paid out of any property of the company which is in his custody or under his control at that time in priority to any security held by the person by or on whose behalf he was appointed.

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Source: legislation.gov.uk · retrieved 2026-09-04