(1)
The Court may by order enable the administrator of a company to dispose of property which is subject to a security other than a floating charge as if it were not subject to the security.
(2)
An order under subsection (1) may be made only—
(a)
on the application of the administrator ; and
(b)
where the Court considers that disposal of the property would likely promote the purpose of administration in respect of the company.
(3)
An order under this section is subject to the condition that there shall be applied towards discharging the sums secured by the security—
(a)
the net proceeds of disposal of the property ; and
(b)
any additional money required to be added to the net proceeds so as to produce the amount determined by the Court as the net amount which would be realised on a sale of the property at market value.
(4)
If an order under this section relates to more than one security, application of money under subsection (3) shall be in the order of the priorities of the securities.
(5)
An administrator who makes a successful application for an order under this section shall send a copy of the order to the Commission before the end of 14 days starting with the date of the order.
(6)
An administrator commits an offence if he fails, without reasonable excuse, to comply with subsection (5).