Section 518 CAMA 2020
Section 518 Companies and Allied Matters Act is about Termination of administration where objective is achieved. It is under Chapter 18 (Administration of companies: nature of administration) of the Act.
(1) This section applies where an administrator of a company is appointed under section 443 or 448 of this Act.
(2) If the Administrator thinks that the purpose of administration has been sufficiently achieved in relation to the company he may file a notice inthe prescribed form with the—
(a) Court ; and
(3) The administrator’s appointment ceases to have effect when the requirements of subsection (2) are satisfied.
(4) Where the administrator files a notice, he shall, within the prescribed period, send a copy to every creditor of the company of whose claim and address he is aware.
(5) The prescribed rules may provide that the administrator is taken to have complied with subsection (4) if, before the end of the prescribed period,he publishes, in the prescribed manner, a notice undertaking to provide a copy of the notice under subsection (2) to any creditor of the company who applies in writing to a specified address.
(6) An administrator who fails, without reasonable excuse, to comply with subsection (4) commits an offence.
