Section 476: Effect of receivership based on appointment by a holder of a fixed charge.

(1) Where there is a receiver of a company based on appointment by a holder of a fixed charge, the Court shall 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;
(b) the Court considers that the security by virtue of which the receiver was appointed would be liable to be released or discharged under section 232 or 233 of this Act if an administration order were made; or
(c) the Court considers that the security by virtue of which the receiver was appointed would be challengeable under section 558 or 559 of this Act.
(2) Subsection (1) applies whether or not the receiver is appointed before the making of the administration application.