Section 535: Substitution of administrator appointed by company or directors by creditors’ meeting.

(1) This section applies where—
(a) an administrator of a company is appointed by a company or directors under section 459 of this Act; and
(b) there is no holder of a floating charge in respect of the company’s property.
(2) A creditors’ meeting may replace the administrator.
(3) A creditors’ meeting may act under subsection (2) only if the new administrator’s written consent to act is presented to the meeting before the replacement is made.