144. Administrator's duties on vacating office

(1) Where the administrator ceases to be in office as such, in consequence of removal, resignation or cesser of qualification as an insolvency practitioner, he is under an obligation as soon as reasonably practicable to deliver up to the person succeeding him as administrator the property of the Company (after deduction of any expenses properly incurred and distributions made by him), but in the case of an administrator of a Deed of Company Arrangement, only to the extent put into and remaining in his possession pursuant to the Deed of Company Arrangement and further to deliver up to that person —
(a) his records as administrator, including all relevant correspondence, proofs and other related papers; and
(b) the Company's books, papers and other records, to the extent within his control.
(2) If the administrator makes default in complying with this Section, he commits a contravention and is liable to a fine at the relevant level set out in the Fines Schedule.