- Latest available (Revised)
- Original (As enacted)
Proceeds of Crime Act 2002, Section 430 is up to date with all changes known to be in force on or before 15 August 2024. 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.
Revised legislation carried on this site may not be fully up to date. Changes and effects are recorded by our editorial team in lists which can be found in the ‘Changes to Legislation’ area. Where those effects have yet to be applied to the text of the legislation by the editorial team they are also listed alongside the legislation in the affected provisions. Use the ‘more’ link to open the changes and effects relevant to the provision you are viewing.
Whole provisions yet to be inserted into this Act (including any effects on those provisions):
(1)In this section “company” means a company which may be wound up under
(a)the 1986 Act, or
(b)the 1989 Order.
[F1(2)If a company holds property which is subject to a floating charge, and a receiver has been appointed by or on the application of the holder of the charge, the functions of the receiver are not exercisable in relation to the following property—
(a)property for the time being subject to a restraint order which was made under section 41, 120 or 190 before the relevant time;
(b)property for the time being detained under or by virtue of section 44A, 47J, 47K, 47M, 47P, 122A, 127J, 127K, 127M, 127P, 193A, 195J, 195K, 195M or 195P;
(c)property in respect of which an order under section 50, 128(3) or 198 is in force;
(d)property in respect of which an order under section 67A, 131A or 215A is in force.]
(3)Subsection (2)(a) applies to heritable property in Scotland only if the restraint order is recorded in the General Register of Sasines or registered in the Land Register of Scotland before the appointment of the receiver.
(4)If a company holds property which is subject to a floating charge, and a receiver has been appointed by or on the application of the holder of the charge, the powers referred to in subsection (5) must not be exercised in the way mentioned in subsection (6) in relation to any property—
(a)which is held by the company, and
(b)in relation to which the functions of the receiver are exercisable.
(5)These are the powers—
(a)the powers conferred on a court by sections 41 to [F267B, the powers conferred on an appropriate officer by section 47C] and the powers of a receiver appointed under section 48 [F3or 50 ] ;
(b)the powers conferred on a court by sections 120 to 136 and Schedule 3 [F4, the powers conferred on an appropriate officer by section 127C] and the powers of an administrator appointed under section 125 or 128(3);
(c)the powers conferred on a court by sections 190 to [F5215B, the powers conferred on an appropriate officer by section 195C] and the powers of a receiver appointed under section 196 [F6or 198 ] .
(6)The powers must not be exercised—
(a)so as to inhibit the receiver from exercising his functions for the purpose of distributing property to the company’s creditors;
(b)so as to prevent the payment out of any property of expenses (including the remuneration of the receiver) properly incurred in the exercise of his functions in respect of the property.
(7)But nothing in the 1986 Act or the 1989 Order must be taken to restrict (or enable the restriction of) the exercise of the powers referred to in subsection (5).
(8)In this section “floating charge” includes a floating charge within the meaning of section 462 of the Companies Act 1985 (c. 6).
Textual Amendments
F1S. 430(2) substituted (1.6.2015 for specified purposes, 1.3.2016 in so far as not already in force) by Policing and Crime Act 2009 (c. 26), s. 116(1), Sch. 7 para. 92(2); S.I. 2015/983, arts. 2(2)(e), 3(cc); S.I. 2016/147, art. 3(i)
F2Words in s. 430(5)(a) substituted (1.6.2015) by Policing and Crime Act 2009 (c. 26), s. 116(1), Sch. 7 para. 92(3)(a); S.I. 2015/983, arts. 2(2)(e), 3(cc)
F3Words in s. 430(5)(a) substituted (1.4.2008) by Serious Crime Act 2007 (c. 27), s. 94(1), Sch. 8 para. 82(3)(a); S.I. 2008/755, art. 2(1)(a) (with arts. 3-14)
F4Words in s. 430(5)(b) inserted (1.6.2015) by Policing and Crime Act 2009 (c. 26), s. 116(1), Sch. 7 para. 92(3)(b); S.I. 2015/983, arts. 2(2)(e), 3(cc)
F5Words in s. 430(5)(c) substituted (1.3.2016) by Policing and Crime Act 2009 (c. 26), s. 116(1), Sch. 7 para. 92(3)(c); S.I. 2016/147, art. 3(i)
F6Words in s. 430(5)(c) substituted (1.4.2008) by Serious Crime Act 2007 (c. 27), s. 94(1), Sch. 8 para. 82(3)(b); S.I. 2008/755, art. 2(1)(a) (with arts. 3-14)
Commencement Information
I1S. 430 in force at 24.3.2003 by S.I. 2003/333, art. 2, Sch.
The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Whole Act you have selected contains over 200 provisions and might take some time to download.
Would you like to continue?
The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download.
Would you like to continue?
The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Geographical Extent: Indicates the geographical area that this provision applies to. For further information see ‘Frequently Asked Questions’.
Show Timeline of Changes: See how this legislation has or could change over time. Turning this feature on will show extra navigation options to go to these specific points in time. Return to the latest available version by using the controls above in the What Version box.
Text created by the government department responsible for the subject matter of the Act to explain what the Act sets out to achieve and to make the Act accessible to readers who are not legally qualified. Explanatory Notes were introduced in 1999 and accompany all Public Acts except Appropriation, Consolidated Fund, Finance and Consolidation Acts.
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
Click 'View More' or select 'More Resources' tab for additional information including: