Article (140) Powers of the Administrator
(a) The Administrator shall have all the powers necessary for the management and running the business of the Licensee, including the following:
1. The power to continue or to temporary suspend the Licensee operations.
2. The power to suspend or limit the discharge of financial obligations of the Licensee.
3. The power to conclude agreements and to sign any documents on behalf of the Licensee.
4. The power to commence and defend any legal proceedings in the name of the Licensee, or taking any other legal proceedings to which the Licensee is a party.
(b) Without prejudice to the provision stated in paragraph (a) of the preceding article, the Administrator may carry out the following:
1. Declare a moratorium in respect of any debts of the Licensee.
2. Discharge obligations of the Licensee to certain creditors in preference to other creditors, if this is in the advantage of the Licensee.
3. Dismiss officers and employees of the Licensee, provided that reasons should be given for the dismissal decision.
4. Appoint officers and employees for the Licensee.
5. After obtaining the approval of the Competent Court, and without prejudice to market agreements and, where applicable, the rights of the other party to be compensated, the administrator may nullify any agreement entered into by the Licensee before placing the Licensee under administration if such action is in the interest of the Licensee or taken to protect the interests of its customers, or to avoid occurrence of an irrevocable damage.
6. Undertake any necessary actions in the interest of the Licensee and for the protection of the interests of its customers and creditors.