(1)
This section applies where the holder of a floating charge in respect of a company’s property could appoint an administrator under section 452 of this Act but for section 452 (3) (b) of this Act.
(2)
The holder of the floating charge may make an administration application.
(3)
If the Court makes an administration order on hearing an application made by virtue of subsection (2), the Court—
(a)
shall discharge the winding-up order ;
(b)
shall make provision for such matters as may be prescribed ;
(c)
may make other consequential provision ; and
(d)
shall specify which of the powers under this Chapter and Eleventh Schedule are to be exercisable by the administrator.
(4)
This Part shall have effect with such modifications as the Court may direct.