Section 535

(1) This section applies where-

(a) an administrator of a company is appointed by a company or directors under section 459 of this Act; and

(b) there is no holder of a floating charge in respect of the company's property.

(2) A creditors' meeting may replace the administrator.

(3) A creditors' meeting may act under subsection (2) only if the new administrator's written consent to act is presented to the meeting before the replacement is made.