39. Application where Company in liquidation

(1) Subsections (2) and (3) apply where the holder of a qualifying charge in respect of a Company's property could appoint an administrator of the Company under Section 21 (Power to appoint) but for Section 5(3)(b) (General restrictions).
(2) The holder of the qualifying charge may make an administration application.
(3) If the Court makes an administration order on hearing an application made by virtue of subsection (2) —
(a) the Court shall discharge the winding-up order;
(b) the Court shall make provision for such matters as may be prescribed;
(c) the Court may make other consequential provision;
(d) the Court shall specify which of the powers under this Part 1 (Administration) are to be exercisable by the administrator of the Company; and
(e) this Part 1 (Administration) shall have effect with such modifications as the Court may specify.
(4) The liquidator of a Company may make an administration application.
(5) If the Court makes an administration order on hearing an application made by virtue of subsection (4) —
(a) the Court shall discharge any winding-up order in respect of the Company;
(b) the Court shall make provision for such matters as may be prescribed;
(c) the Court may make other consequential provision;
(d) the Court shall specify which of the powers under this Part 1 (Administration) are to be exercisable by the administrator of the Company; and
(e) this Part 1 (Administration) shall have effect with such modifications as the Court may specify.