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140. Substitution of administrator: competing qualifying charge-holder

Past version: effective from 14/06/2015 - 13/06/2015
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(1) This Section applies where an administrator of a Company is appointed under Section 21 (Power to appoint) by the holder of a qualifying charge in respect of the Company's property.
(2) The holder of a prior qualifying charge in respect of the Company's property may apply to the Court for the administrator to be replaced by an administrator nominated by the holder of the prior charge.