Section 478

(1) When an administration order takes effect in respect of a company, a receiver of the company appointed by a holder of a floating charge or by the Court shall vacate office.

(2) Without prejudice to priority rules under this Act, where a company is in administration, any receiver of part of the company's property appointed by a secured creditor shall vacate office if the administrator requires him to.

(3) Where a receiver vacates office under this section-

(a) his remuneration shall be charged on and paid out of any property of the company which was in his custody or under his control immediately before he vacated office; and

(b) he need not take any further steps under section 561 or 562.

(4) In the application of subsection (3) (a) -

(a) "remuneration" includes expenses properly incurred and any indemnity to which the receiver is entitled out of the assets of the company;

(b) the charge imposed takes priority over security held by the person by whom or on whose behalf the receiver was appointed; and

(c) the provision for payment is subject to section 558.