401. Power of board to appoint administrator

the company is or is likely to become unable to pay its debts as they fall due ; and

the appointment of an administrator will be likely to achieve one or more of the purposes referred to in subsection (2), the board may resolve to appoint an administrator of a company.

the survival of the company and the whole or any part of its undertaking as a viable concern ;

the preparation and approval of a compromise under

a more advantageous realisation of the company’s assets than would be likely on a winding up.

an order has been made for the winding up of the company ;

a receiver has been appointed in respect of the whole of the property and undertaking of the company, unless the person by whom or on whose behalf the receiver was appointed has consented to the making of the order ; or

an administrator has been appointed by the company on a previous occasion, unless the leave of the court to make the further appointment is first obtained.