Insolvency Act

554. Power of the Court to make administration order in respect of company on application made by holder of qualifying floating charge even if company may be able to pay its debts

Edition: 2022-12-31 · In force

(1)If an application for administration in respect of a company—

(a)is made by the holder of a qualifying floating charge in respect of the company's property; and

(b)includes a statement that the application is made in reliance on this section,

the Court may make an administration order whether or not it is satisfied that the company is or is likely to become unable to pay its debts.

(2)However, the Court may make such an order only if it is satisfied that the applicant could properly appoint an administrator under section 534.