During the period beginning with the presentation of a petition for an administration order and ending with the making of such an order or the dismissal of the petition—
no resolution may be passed or order made for the winding up of the company;
no landlord or other person to whom rent is payable may exercise any right of forfeiture by peaceable re-entry in relation to premises let to the company in respect of a failure by the company to comply with any term or condition of its tenancy of such premises, except with the leave of the court and subject to such terms as the court may impose
no steps may be taken to enforce any security over the company's property, or to repossess goods in the company's possession under any hire-purchase agreement, except with the leave of the court and subject to such terms as the court may impose; and
no other proceedings and no execution or other legal process may be commenced or continued, and no distress may be levied, against the company or its property except with the leave of the court and subject to such terms as aforesaid.
Nothing in subsection (1) requires the leave of the court—
for the presentation of a petition for the winding up of the company,
for the appointment of an administrative receiver of the company, or
for the carrying out by such a receiver (whenever appointed) of any of his functions.
References in this section and the next to hire-purchase agreements include conditional sale agreements, chattel leasing agreements and retention of title agreements.
In the application of this section and the next to Scotland, references to execution being commenced or continued include references to diligence being carried out or continued, and references to distress being levied shall be omitted.