[F1Floating charge holder not to appoint administrative receiverN.I.
59A.—(1) The holder of a qualifying floating charge in respect of a company's property may not appoint an administrative receiver of the company.
(2) In paragraph (1) “holder of a qualifying floating charge in respect of a company's property” has the same meaning as in paragraph 15 of Schedule B1.
(3) This Article applies—
(a)to a floating charge created on or after a date appointed by the Department by order, and
(b)in spite of any provision of an agreement or instrument which purports to empower a person to appoint an administrative receiver (by whatever name).
(4) An order under paragraph (3)(a) may—
(a)make provision which applies generally or only for a specified purpose;
(b)make different provision for different purposes;
(c)make transitional provision.
(5) This Article is subject to the exceptions specified in Articles 59B to 59I.]
F1Arts. 59A - 59J and preceding cross - heading inserted (27.3.2006) by Insolvency (Northern Ireland) Order 2005 (S.I. 2005/1455 (N.I. 10)), arts. 1(3), 5(1) (with art. 4); S.R. 2006/21, art. 2 (with S.R. 2006/22, arts. 2 - 7)