(1)
A person may be appointed as administrator of a company only if he is qualified to act as an insolvency practitioner in relation to the company.
(2)
A person shall only be appointed as administrator of a company which is in administration, subject to the provisions of sections 525-534 and 537-541 of this Act about replacement and additional administrators.
(3)
A person shall not be appointed as administrator of a company which is in liquidation by virtue of—
(a)
a resolution for voluntary winding-up, subject to section 475 (2) ( of this Act ; or
(b)
a winding-up order, subject to sections 474 and 475 of this Act.
(4)
A person shall not be appointed as administrator of a company which—
(a)
has as a liability in respect of a deposit which it accepted in accordance with relevant banking laws ; and
(b)
is not an authorised deposit taker within the meaning of banking laws and regulations.
(5)
A person shall not be appointed as administrator of a company which effects or carries out contracts of insurance except with the leave of the insurance regulator.