(1) This section applies to a company—
(a) that is being wound up (unless the winding up is a members' voluntary winding up), or
(b) that is in administration within the meaning of Schedule B1 to the Insolvency Act 1986 (c 45) or the Insolvency (Northern Ireland) Order 1989 (SI 1989/2405 (NI 19)).
(2) Approval is not required under section 190 (requirement of members' approval for substantial property transactions)—
(a) on the part of the members of a company to which this section applies, or
(b) for an arrangement entered into
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