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37. Application by holder of qualifying charge

(1) This Section applies where an administration application in respect of a Company —
(a) is made by the holder of a qualifying charge in respect of the Company's property; and
(b) includes a statement that the application is made in reliance on this Section.
(2) The Court may make an administration order —
(a) whether or not satisfied that the Company is or is likely to become unable to pay its debts; but
(b) only if satisfied that the applicant could appoint an administrator of the Company under Section 21 (Power to appoint).