Section 454

An administrator shall not be appointed under section 452 of this Act if -

(a) a floating charge on which the appointment relies is not enforceable, a holder of the unenforceable charge may apply or join as a mere creditor in an administration application under section 450 of this Act ;

(b) a provisional liquidator of the company has been appointed under section 585 of this Act; or

(c) prior to the commencement of this Act and the coming into effect of this Chapter, a receiver or manager of the company is in office.