Section 453: Restrictions on power to appoint.

(1) A person shall not appoint an administrator under section 452 of this Act unless—
(a) he has given at least two working days’ written notice to the holder of any prior floating charge which satisfies section 452 (2) of this Act ; or
(b) the holder of any prior floating charge which satisfies section 452 (2) of this Act has consented in writing to the making of the appointment.
(2) One floating charge is prior to another for the purposes of subsection (1) if it—
(a) was created first; or
(b) is to be treated as having priority in accordance with an agreement to which the holder of each floating charge was party.