F1Sch. B1 inserted (27.3.2006) by Insolvency (Northern Ireland) Order 2005 (S.I. 2005/1455 (N.I. 10)), arts. 1(3), 3(2), Sch. 1 (with art. 4); S.R. 2006/21, art. 2 (with S.R. 2006/22, arts. 2-7)
Modifications etc. (not altering text)
C1Sch. B1 applied (with modifications) (1.10.2011) by Postal Services Act 2011 (c. 5), ss. 73, 87(1)(2), 93(3), Sch. 10 Pt. 1, Sch. 10 Pt. 2
C2Sch. B1 applied (with modifications) by S.R. 1995/225, Sch. 2 (as amended (19.12.2018) by The Banks and Building Societies (Priorities on Insolvency) Order 2018 (S.I. 2018/1244), arts. 1(2), 36 (with art. 3))
C3Sch. B1 modified by S.R. 1995/225, art. 6, Sch. 2 (as modified (28.12.2020 until IP completion day when the amending provision ceases to have effect in accordance with reg. 1(4) of the amending S.I.) by The Bank Recovery and Resolution (Amendment) (EU Exit) Regulations 2020 (S.I. 2020/1350), regs. 1(4), 122(3) (with reg. 108))
C4Sch. B1 modified (28.12.2020 until IP completion day when the amending provision ceases to have effect in accordance with reg. 1(4) of the amending S.I.) by The Bank Recovery and Resolution (Amendment) (EU Exit) Regulations 2020 (S.I. 2020/1350), regs. 1(4), 120 (with reg. 108)
C5Sch. B1 applied (with modifications) (4.1.2024) by S.I. 2021/716, Sch. 2A para. 6 (as inserted by The Payment and Electronic Money Institution Insolvency (Amendment) Regulations 2023 (S.I. 2023/1399), reg. 1(2), Sch. 2)
F2Word in Sch. B1 para. 74 heading substituted (19.12.2018) by The Banks and Building Societies (Priorities on Insolvency) Order 2018 (S.I. 2018/1244), arts. 1(2), 31(3)(a) (with art. 3)
74.—(1) An administrator's statement of proposals under paragraph 50 may not include any action which—N.I.
(a)affects the right of a secured creditor of the company to enforce his security,
(b)would result in a preferential debt of the company being paid otherwise than in priority to its non-preferential debts, F3...
[F4(bb)would result in an ordinary preferential debt of the company being paid otherwise than in priority to its secondary preferential debts,]
(c)would result in one preferential creditor of the company being paid a smaller proportion of [F5an ordinary preferential debt] than another, F6[F7...
(d)would result in one preferential creditor of the company being paid a smaller proportion of a secondary preferential debt than another,] [F8or
(e)if the company is a relevant financial institution (see Article 347A), would result in any non-preferential debt being paid otherwise than in accordance with the rules in Article 150ZZA(2) or (3).]
(2) Sub-paragraph (1) does not apply to—
(a)action to which the relevant creditor consents,
(b)a proposal for a voluntary arrangement under Part II of this Order (although this sub-paragraph is without prejudice to Article 17(3)), F9. . .
(c)a proposal for a compromise or arrangement to be sanctioned under [F10Part 26 [F11or 26A] of the Companies Act 2006 (arrangements and reconstructions)].
[F12or
(d)a proposal for a cross-border merger within the meaning of regulation 2 of the Companies (Cross-Border Mergers) Regulations 2007.]
(3) The reference to a statement of proposals in sub-paragraph (1) includes a reference to a statement as revised or modified.]
F3Word in Sch. B1 para. 74(1)(b) omitted (1.1.2015) by virtue of The Banks and Building Societies (Depositor Preference and Priorities) Order 2014 (S.I. 2014/3486), arts. 1(2), 22(2) (with art. 3)
F4Sch. B1 para. 74(1)(bb) inserted (1.1.2015) by The Banks and Building Societies (Depositor Preference and Priorities) Order 2014 (S.I. 2014/3486), arts. 1(2), 22(3) (with art. 3)
F5Words in Sch. B1 para. 74(1)(c) substituted (1.1.2015) by The Banks and Building Societies (Depositor Preference and Priorities) Order 2014 (S.I. 2014/3486), arts. 1(2), 22(4) (with art. 3)
F6Word in Sch. B1 para. 74(1)(c) omitted (19.12.2018) by virtue of The Banks and Building Societies (Priorities on Insolvency) Order 2018 (S.I. 2018/1244), arts. 1(2), 31(3)(b) (with art. 3)
F7Sch. B1 para. 74(1)(d) and word inserted (1.1.2015) by The Banks and Building Societies (Depositor Preference and Priorities) Order 2014 (S.I. 2014/3486), arts. 1(2), 22(5) (with art. 3)
F8Sch. B1 para. 74(1)(e) and word inserted (19.12.2018) by The Banks and Building Societies (Priorities on Insolvency) Order 2018 (S.I. 2018/1244), arts. 1(2), 31(3)(c) (with art. 3)
F9Word in Sch. B1 para. 74(2)(b) omitted (15.12.2007) by virtue of Companies (Cross-Border Mergers) Regulations 2007 (S.I. 2007/2974), reg. 66(2)
F10Words in Sch. B1 para. 74(2)(c) substituted (6.4.2008) by Companies Act 2006 (Consequential Amendments etc) Order 2008 (S.I. 2008/948), arts. 2(2), 3(1)(b), Sch. 1 para. 166(a) (with arts. 6, 11, 12)
F11Words in Sch. B1 para. 74(2)(c) inserted (26.6.2020) by Corporate Insolvency and Governance Act 2020 (c. 12), s. 49(1), Sch. 9 para. 10(3) (with ss. 2(2), 5(2))
F12Sch. B1 para. 74(2)(d) and preceding word inserted (15.12.2007) by Companies (Cross-Border Mergers) Regulations 2007 (S.I. 2007/2974), reg. 66(3)
Modifications etc. (not altering text)
C6Sch. B1 para. 74 modified by S.R. 1995/225, Sch. 2 para. 35 (as amended (1.1.2015) by The Banks and Building Societies (Depositor Preference and Priorities) Order 2014 (S.I. 2014/3486), arts. 1(2), 25 (with art. 3))
C7Sch. B1 para. 74 applied (with modifications) (4.1.2024) by S.I. 2021/716, reg. 37A (as inserted by The Payment and Electronic Money Institution Insolvency (Amendment) Regulations 2023 (S.I. 2023/1399), regs. 1(2), 12)
C8Sch. B1 para. 74 applied (with modifications) (4.1.2024) by S.I. 2021/716, Sch. 2A para. 6 (as inserted by The Payment and Electronic Money Institution Insolvency (Amendment) Regulations 2023 (S.I. 2023/1399), reg. 1(2), Sch. 2)