(1) Where any right to appoint an administrative receiver of a company is conferred by any debentures or floating charge created before the appointed day, the conditions precedent to the exercise of that right are deemed to include the presentation of a petition applying for an administration order to be made in relation to the company.
(2) “Administrative receiver” here has the meaning assigned by section 251.
(1) In relation to any receiver or manager of a company's property who was appointed before the appointed day, the new law does not apply; and the relevant provisions of the former law continue to have effect.
(2) “The new law” here means Chapter I of Part III, and Part VI, of this Act; and “the former law” means [the Companies Act 1985] and so much of this Act as replaces provisions of that Act (without the amendments in paragraphs 15 to 17 of Schedule 6 to the Insolvency Act 1985, or the associated repeals made by that Act), and any provision of the Insolvency Act 1985 which was in force before the appointed day.
(3) This paragraph is without prejudice to the power conferred by this Act under which rules under section 411 may make transitional provision in connection with the coming into force of those rules; and such provision may apply those rules in relation to the receiver or manager of a company's property notwithstanding that he was appointed before the coming into force of the rules or section 411.
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