(1) Where, on an application by the examiner, the court is satisfied that the disposal (with or without other assets) of any property of the company which is subject to a security which, as created, was a floating charge or the exercise by the examiner of his powers in relation to such property would be likely to facilitate the survival of the whole or any part of the company as a going concern, the court may by order authorise the examiner to dispose of the property, or exercise his powers in relation to it, as the case may be, as if it were not subject to the security.
(2) Where, on an application by the examiner, the court is satisfied that the disposal (with or without other assets) of -
(a) any property of the company subject to a security other than a security to which subsection (1) applies, or
(b) any goods in the possession of the company under a hire-purchase agreement,
would be likely to facilitate the survival of the whole or any part of the company as a going concern,