Section 520

(1) This section applies where a winding-up order is made for the winding-up of a company in administration on a petition presented under-

(a) grounds of public interest as may be prescribed by the Chief Judge or under an enactment; or

(b) the Banks and Other Financial Institutions Act, Nigeria Deposit Insurance Corporation Act or any other financial services and markets related Act.

(2) This section also applies where a provisional liquidator of a company in administration is appointed following the presentation of a petition under any of the provisions in subsection (1).

(3) The Court shall order that the appointment of the administrator ceases to have effect or continue to have effect.

(4) Where the Court makes an order under subsection (3) (b) of this section it may also-

(a) specify which of the powers under the Tenth Schedule to this Act are to be exercisable by the administrator; and

(b) order that this Part shall have effect in relation to the administrator with specified modifications.