No. 7/2018 INSOLVENCY Cap.6:07 (7) The interim liquidator must after his or her appointment proceed to recover and take into possession all the assets of the insolvent estate and all books of account, invoices, vouchers, business correspondence and any other records relating to the affairs of the debtor and may apply for a search warrant in terms of section 44. (8) The interim liquidator must give effect to any directions by the Master and may without the authorisation of the Master as contemplated in section 49 perform any act \vhich is necessary for the preservation of the estate until the suspension of the liquidator is set aside or another liquidator is appointed. (9)The interim liquidator is entitled to remuneration taxed by the Master in accordance with Tariff A in the Second Schedule. (10) The interim liquidator vacates his or her office when the suspension of the liquidator is set aside or a new liquidator is appointed in the place of the removed liquidator and must deliver the assets, property, books, documents or records to, and give account to, the liquidator or the new liquidator. 80 Court may declare liquidator disqualified or remove liquidator If it is in the interests of the proper administration of an insolvent estate, the Court may, on the application of the Master or any other interested party- 81 (a) declare any person disqualified from being a liquidator of the estate; and (b) remove from office any person who has been appointed as liquidator; and (c) declare such a person disqualified from being elected or appointed as liquidator under this Act during his or her lifetime or for such other period as it determines. Election of new liquidator (l) When it is necessary to fill a vacancy in the office of liquidator of an insolvent estate or when a majority of proved creditors, in value, of an insolvent estate request the appointment of a further liquidator, the Master must direct any remaining liquidator, or failing such liquidator the liquidator appointed in terms of section 41, to convene a meeting for the election of one or more liquidators, as the case may be. (2) Section 50(2) applies with the necessary changes to any meeting contemplated in subsection (l). PART XIV RIGHTS AND DUTIES OF CREDITORS 82 Realisation of security (l) A secured creditor of an insolvent estate shall notify the liquidator by standard notice of the nature and extent of his or her security and the amount of his or her claim as soon as he or she becomes aware of the liquidation of the estate. (2) If the property consists of securities as defined in section 38 of the Securities and Exchange Act [Chapter 24:251, which are listed, the creditor may, subject to subsection (4)(b),after giving the notice mentioned in subsection (1) and subject to the provisions of the Securities and Exchange Act [Chapter 24:25], sell the listed securities through an authorised user as defined in section 38 of that Act or if the creditor is an authorised user, sell it through another authorised user. (3) A creditor who has realised property contemplated in subsection (2) must forthwith pay over to the liquidator the proceeds after deduction of the reasonable costs of realisation and furnish the liquidator with vouchers in support of the realisation of the property and the costs of realisation. 258