Section 447 CAMA 2020
Section 447 Companies and Allied Matters Act is about General restrictions on appointment of administrator. It is under Chapter 18 (Administration of companies: nature of administration) of the Act.
(1) A person may be appointed as administrator of a company only if he is qualified to act as an insolvency practitioner in relation to the company.
(2) A person shall only be appointed as administrator of a company which is in administration, subject to the provisions of sections 525-534 and 537-541 of this Act about replacement and additional administrators.
(3) A person shall not be appointed as administrator of a company which is in liquidation by virtue of—
(a) a resolution for voluntary winding-up, subject to section 475 (2) (b)of this Act ; or
(b) a winding-up order, subject to sections 474 and 475 of this Act.
(4) A person shall not be appointed as administrator of a company which—
(a) has as a liability in respect of a deposit which it accepted in accordance with relevant banking laws ; and
(b) is not an authorised deposit taker within the meaning of banking laws and regulations.
(5) A person shall not be appointed as administrator of a company which effects or carries out contracts of insurance except with the leave of the insurance regulator.
