Section 690 of Insolvency Act CAP 53: Appointment of administrative receiver in respect of company prohibited
(1) In this section, "administrative receiver", in relation to a company, means—
(a) a receiver or manager of the whole (or substantially the whole) of the company's property appointed by or on behalf of the holders of any debentures of the company secured by a charge which, as created, was a floating charge, or by such a charge and one or more other securities; or
(b) a person who would be such a receiver or manager but for the appointment of some other person as the receiver of pan of the company's property.
(2) The holder of a floating charge in respect of a company's property may not appoint an administrative receiver of the company.
(3) An appointment made in contravention of subsection (2) is void.
(4) This section does not apply to the holder of a floating charge that was created before the commencement of this section or to an appointment of an administrative receiver made before that commencement.
(5) This section applies despite any provision of an agreement or document that purports to empower a person to appoint an administrative receiver (by whatever name).
(6) This section is subject to the exceptions (if any) prescribed by the insolvency regulations for the purposes of this section.
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