(1)
This section applies where—
(a)
an administration application in respect of a company is made by a person who is not the holder of a floating charge in respect of the company’s property ; and
(b)
the holder of a floating charge in respect of the company’s property applies to the Court to have a specified person appointed as administrator and not the person specified by the administration applicant.
(2)
The Court shall grant an application under subsection (1) ( the Court deems it right to refuse the application because of the particular circumstances of the case.