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41. Effect of administrative receivership

(1) Where there is an administrative receiver of a Company the Court must dismiss an administration application in respect of the Company unless —
(a) the person by or on behalf of whom the receiver was appointed consents to the making of the administration order; or
(b) the Court thinks that the security by virtue of which the receiver was appointed would be liable to be released or discharged under Sections 257 (Transactions at an undervalue) to 259 (Relevant time) if an administration order were made.
(2) Subsection (1) applies whether the administrative receiver is appointed before or after the making of the administration application.