Section 549

(1) In this Chapter -

"administrator" of a company means a person appointed under any of the means under this Chapter to manage the company's affairs, business and property;

"company" means-

(a) a company registered under this Act or any other special legislation relating to companies; or

(b) any other corporate entity which is recognised under rules or order made by the Minister;

"correspondence" includes correspondence by telephonic or other electronic means;

"creditors' meeting" has the meaning given under section 487 of this Act ;

"enters administration" has the meaning given to it under subsection (2) (a) ;

"floating charge" means a charge which is a floating charge on its creation;

"in administration" has the meaning given to under subsection (2) (b);

"hire-purchase agreement" includes a conditional sale agreement, a chattel leasing agreement and a retention of title agreement;

"holder of a floating charge" in respect of a company's property has the meaning given under section 452 of this Act;

"market value" means the amount which would be realised on a sale of property in the open market by a willing vendor;

"purpose of administration" means an objective specified in section 444 of this Act; and

"unable to pay its debts" has the meaning given by section 572 of this Act.

(2) For the purposes of this Chapter -

(a) a company "enters administration" when the appointment of an administrator takes effect;

(b) a company is "in administration" while the appointment of an Administrator of the company has effect;

(c) a company ceases to be in administration when the appointment of an administrator of the company ceases to have effect, and

(d) a company does not cease to be in administration merely because an administrator vacates office (by reason of resignation, death or otherwise) or is removed from office.

(3) In this Chapter, a reference to-

(a) a thing in writing includes a reference to a thing in electronic form; and

(b) action includes a reference to inaction.