175. Companies in administration.

If a company is in administration, the sale of any property will be carried out by an administrator1 who must be a qualified insolvency practitioner2. When buying a property from an administrator, the validity of the appointment should be checked, including:

  1.  

    (1)     the validity of the floating charge under which the appointment was made and that the charge is a qualifying floating charge3;

  2.  

    (2)     that the charge covered the whole or substantially the whole of the company's property;

  3.  

    (3)     that the charge is not likely to be invalidated, for example for want of registration, or fraudulent preference;

  4.  

    (4)     that