Paragraph 5

For paragraph 22 there is substituted—

“22.

(1)
Subject as set out in this paragraph—
(a)
a company may appoint an administrator; and

(b)
the directors of a company may appoint an administrator .

(2)
An administrator may not be appointed under this paragraph without the consent in writing of the Financial Services Authority.

(3)
The written consent under paragraph (2) must be filed in court—

(a)
at the same time that any notice of intention to appoint under paragraph 26 is filed in court pursuant to paragraph 27; or

(b)
where no such notice of intention to appoint is required to be given, at the same time that notice of appointment is filed under paragraph 29.”.