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Insolvency Act 1986

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Changes over time for: Section 72A

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Version Superseded: 15/03/2024

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Status:

Point in time view as at 17/03/2011. This version of this provision has been superseded. Help about Status

Changes to legislation:

Insolvency Act 1986, Section 72A is up to date with all changes known to be in force on or before 09 March 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. Help about Changes to Legislation

[F172A Floating charge holder not to appoint administrative receiverE+W+S

(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 Scotland, the holder of a qualifying floating charge in respect of a company’s property may not appoint or apply to the court for the appointment of a receiver who on appointment would be an administrative receiver of property of the company.

(3)In subsections (1) and (2)—

  • holder of a qualifying floating charge in respect of a company’s property” has the same meaning as in paragraph 14 of Schedule B1 to this Act, and

  • administrative receiver” has the meaning given by section 251.

(4)This section applies—

(a)to a floating charge created on or after a date appointed by the Secretary of State by order made by statutory instrument, 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).

(5)An order under subsection (4)(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.

(6)This section is subject to the exceptions specified in [F2sections 72B to 72GA] .]

Subordinate Legislation Made

P1S. 72A(4)(a) power exercised: 15.9.2003 appointed for specified purposes by The Insolvency Act 1986, Section 72A (Appointed Date) Order 2003 (S.I. 2003/2095), art. 2

Textual Amendments

F1Pt. III Ch. IV (ss. 72A-72H) inserted (18.3.2003 for the purpose of giving effect to the insertion of s. 72H(2)-(5) and otherwise 15.9.2003) by 2002 c. 40, ss. 250(1), 279 (with s. 249(6)); S.I. 2003/765, art. 2, Sch.; S.I. 2003/2093, art. 2(1), Sch. 1 (subject to arts. 3-8 (as amended by S.I. 2003/2332, art. 2))

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