141. Substitution of administrator appointed by Company or Directors: creditors' meeting

Past version: effective from 14/06/2015 - 13/06/2015
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(1) This Section applies where —
(a) an administrator of a Company is appointed by a Company or Directors under Section 29 (Power to appoint); and
(b) there is no holder of a qualifying charge in respect of the Company's property.
(2) A creditors' meeting may replace the administrator of the Company.
(3) A creditors' meeting may act under subsection (2) only if the new administrator's written consent to act is presented to the meeting before the replacement is made.