115. Termination of administration where objective achieved

(1) This Section applies where an administrator of a Company is appointed under Section 21 (Power to appoint) or 29 (Power to appoint).
(2) If the administrator of a Company thinks that the purpose of administration has been sufficiently achieved in relation to the Company he may file a notice in the prescribed form, accompanied by a final progress report —
(a) with the Court; and
(b) with the Registrar.
(3) The appointment of the administrator of the Company shall cease to have effect when the requirements of subsection (2) are satisfied.
(4) Where the administrator of a Company files a notice, as soon as practicable, and within five (5) business days, he shall send a copy of the notice (and the accompanying report) to every creditor of the Company (other than an opted-out creditor) of whose claim and address he is aware, to all those persons (other than opted-out creditors) who were notified of his appointment and the Company.
(5) The administrator of a Company is taken to have complied with subsection (4) in relation to creditors if before the end of the prescribed period he publishes in the Abu Dhabi Global Market a notice (with standard content and stating the date that the administration ended) 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 of a Company who fails without reasonable excuse to comply with subsection (4) commits a contravention and is liable to a fine at the relevant level set out in the Fines Schedule.