There are three ways in which an insolvency administrator can be appointed: (i) by the court, (ii) by the holder of a qualifying floating charge, or (iii) by the company (or its directors). Note that as between a floating charge and the company, it is the floating charge holder who has priority in making an appointment of an administrator. Accordingly, if a company or its director wants to appoint an administrator they have to give five business days’ written notice of this ‘intention’ to any floating charge holder. That notice of intention then allows the floating charge holder the chance to exercise their right before the company or its directors.