Section 532: Replacement of administrator appointed by directors.

(1) An administrator appointed under section 459 (2) of this Act, may be replaced by the directors of the company.
(2) A replacement under this section may be made only—
(a) with the consent of each person who is the holder of a floating charge in respect of the company’s property; or
(b) where consent is withheld, with the permission of the Court.