Section 406
Duration of judicial management order and its extension
A judicial management order shall remain in force for a period of six months from the date of the making of the order, unless the judicial management is otherwise discharged, but the Court may, on the application of a judicial manager, extend this period for another six months subject to such terms as the Court may impose.
(2)
If an application to extend the period of another six months as referred to in subsection (1) is made, the judicial manager shall give notice of the application to—
(a)
all directors;
(b)
all members;
(c)
all creditors; and
(d)
any person who is entitled to appoint a receiver or receiver and manager,
Companies 403
of the company, and such period shall not be taken as part of any limitation period as specified under any written law.
(3)
The applicant shall notify the Registrar of any application made under subsection (1) in the form and manner as determined by the
Registrar.