[(1) Section 72A does not prevent the appointment of an administrative receiver of a project company of a project which—
(a) is designed wholly or mainly to develop land which at the commencement of the project is wholly or partly in a designated disadvantaged area outside Northern Ireland, and
(b) includes step-in rights.
(2) In subsection (1) “develop” means to carry out—
(a) building operations,
(b) any operation for the removal of substances or waste from land and the levelling of the surface of the land, or
(c) engineering operations in connection with the activities mentioned in paragraph (a) or (b).
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