Section 447

(1) A person may be appointed as administrator of a company only if he is qualified to act as an insolvency practitioner in relation to the company.

(2) A person shall only be appointed as administrator of a company which is in administration, subject to the provisions of sections 525 - 534 and 537 - 541 of this Act about replacement and additional administrators.

(3) A person shall not be appointed as administrator of a company which is in liquidation by virtue of-

(a) a resolution for voluntary winding-up, subject to section 475 (3) (b) of this Act; or

(b) a winding-up order, subject to sections 474 and 475 of this Act.

(4) A person shall not be appointed as administrator of a company which-

(a) has as a liability in respect of a deposit which it accepted in accordance with relevant banking laws; and

(b) is not an authorised deposit taker within the meaning of banking laws and regulations.

(5) A person shall not be appointed as administrator of a company which effects or carries out contracts of insurance except with the leave of the insurance regulator.