[F1Application where company in liquidationN.I.
F1Sch. B1 inserted (27.3.2006) by Insolvency (Northern Ireland) Order 2005 (S.I. 2005/1455 (N.I. 10)), arts. 1(3), 3(2), Sch. 1 (with art. 4); S.R. 2006/21, art. 2 (with S.R. 2006/22, arts. 2-7)
38.—(1) This paragraph applies where the holder of a qualifying floating charge in respect of a company's property could appoint an administrator under paragraph 15 but for paragraph 9(1)(b).N.I.
(2) The holder of the qualifying floating charge may make an administration application.
(3) If the High Court makes an administration order on hearing an application made by virtue of sub-paragraph (2)—
(a)the Court shall discharge the winding-up order,
(b)the Court shall make provision for such matters as may be prescribed,
(c)the Court may make other consequential provision,
(d)the Court shall specify which of the powers under this Schedule are to be exercisable by the administrator, and
(e)this Schedule shall have effect with such modifications as the Court may specify.
39.—(1) The liquidator of a company may make an administration application.N.I.
(2) If the High Court makes an administration order on hearing an application made by virtue of sub-paragraph (1)—
(a)the Court shall discharge any winding-up order in respect of the company,
(b)the Court shall make provision for such matters as may be prescribed,
(c)the Court may make other consequential provision,
(d)the Court shall specify which of the powers under this Schedule are to be exercisable by the administrator, and
(e)this Schedule shall have effect with such modifications as the Court may specify.]