521. Effect of mortgagor in administration.

While a company is in administration1 a mortgagee is not entitled to take any steps to enforce any security over the company's property except with the consent of the administrator or the permission of the court2. An administrator may also dispose of or take action relating to property which is subject to a floating charge as if the property were not subject to the charge3. In the case of any other type of security, the administrator may apply to the court for an order for disposal of property subject to the security as if it were not so subject,

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