(1) A company may, by writing, appoint an administrator of the company if the board has resolved to the effect that:

(a)

in the opinion of the directors voting for the resolution, the company is insolvent, or is likely to become insolvent at some future time; and

(b)

an administrator of the company should be appointed.

(2) Subsection (1) does not apply to a company that is already being wound up.