Section 534: Substitution of administrator by a competing floating charge-holder.

(1) This section applies where an administrator of a company is appointed under section 452 of this Act by the holder of a floating charge in respect of the company’s property.
(2) The holder of a prior floating charge in respect of the company’s property may apply to the court for the administrator to be replaced by an administrator nominated by the holder of the prior floating charge.
(3) A floating charge is prior to another for the purposes of this section if it —
(a) was first registered with the Commission or, in default of registration, it was first created; or
(b) is to be treated as having priority in accordance with an agreement to which the holder of each floating charge was a party.