—(1) On the making of a judicial management order —
any receiver or receiver and manager shall vacate office; and
any application for the winding up of the company shall be dismissed.
(2) Where any receiver and manager has vacated office under subsection (1)(a) —
his remuneration and any expenses properly incurred by him; and
any indemnity to which he is entitled out of the assets of the company,
shall be charged on and, subject to subsection (4), paid out of any property which was in his custody or under his control at the time in priority to any security held by the person by or on whose behalf he was appointed.
(3) Neither a receiver nor a receiver and manager of a company who vacates office under subsection (1)(a) shall be required on or after so vacating office to take steps to comply with any duty imposed on him by section 226.
(4) During the period for which a judicial management order is in force —
no resolution shall be passed or order made for the winding up of the company;
no receiver and manager of the kind referred to in section 227B(4) of the company shall be appointed;
no other proceedings and no execution or other legal process shall be commenced or continued and no distress may be levied against the company or its property except with the consent of the judicial manager or with leave of the Court and (where the Court gives leave) subject to such terms as the Court may impose; and
no steps shall be taken to enforce security over the company’s property or to repossess any goods under any hire-purchase agreement, chattels leasing agreement or retention of title agreement except with the consent of the judicial manager or with leave of the Court and (where the Court gives leave) subject to such terms as the Court may impose.