A person who has ceased to be the administrator of a company has his release with effect from the following time, that is to say—
in the case of a person who has died, the time at which notice is given to the court in accordance with the rules that he has ceased to hold office;
in any other case, such time as the court may determine.
Where a person has his release under this section, he is, with effect from the time specified above, discharged from all liability both in respect of acts or omissions of his in the administration and otherwise in relation to his conduct as administrator.
However, nothing in this section prevents the exercise, in relation to a person who has had his release as above, of the court's powers under section 212 in Chapter X of Part IV (summary remedy against delinquent directors, liquidators, etc.).