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Part 2 · Opening of insolvency proceedings. Recognised assets and parties to proceedings  ›  Division 1 · Conditions and procedure for opening of proceedings › Section 25

Repeal of preservation measures

(1) Where the preservation measures are repealed, section 23 applies accordingly to the publication of the repeal of a restriction on property transfer.

(2) If the right to transfer the debtor’s property has been vested in a provisional insolvency administrator, then any costs incurred must be settled by the provisional insolvency administrator using the property administered and any obligation entered into by the provisional insolvency administrator must be performed before the appointment is repealed. The same applies to obligations under continuing obligations if the provisional insolvency administrator has received the consideration under such contract for the property administered by him or her.

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