(1) This section applies where a process adviser is appointed in respect of an eligible company by virtue of the passing of a resolution referred to in section 558E(2).

(2) Subsection (3) applies where, at the date of the passing of the resolution -

(a) a receiver stands appointed to the whole or any part of the property or undertaking of the eligible company, but

(b) the receiver has not stood so appointed for a continuous period of 3 working days or more.

(3) On an application by the eligible company or the process adviser for direction as to the effect of the appointment of the process adviser on the appointment of the receiver, the relevant court (or, if the receiver was appointed by the High Court, the High Court only) may make such order as it thinks fit, including an order as to any or all of the following matters:

(a) that the receiver shall cease to act as such from a date specified by the relevant court;

(b) that the receiver shall, from a date specified by the relevant court, act as such only in respect of certain assets specified by the relevant court;