(1)The administrator of a company shall, on his appointment, take into his custody or under his control all the property to which the company is or appears to be entitled.
(2)The administrator shall manage the affairs, business and property of the company—
(a)at any time before proposals have been approved (with or without modifications) under section 24 below, in accordance with any directions given by the court, and
(b)at any time after proposals have been so approved, in accordance with those proposals as from time to time revised, whether by him or a predecessor of his.
(3)The administrator shall summon a meeting of the company's creditors if—
(a)he is requested, in accordance with the rules, to do so by one-tenth, in value, of the company's creditors, or
(b)he is directed to do so by the court.