C1C2C3C4 PART IVRECEIVERSHIP

RECEIVERS AND MANAGERS

Annotations:
Modifications etc. (not altering text)
C2

Pts. II, III and IV applied (with modifications) by 1986 c. 53, Sch. 15A, Pt. III (as inserted (1.12.1997) by 1997 c. 32, s. 39(2), Sch. 6); S.I. 1997/2668, art. 2, Sch. Pt. I (as amended (with application in accordance with art. 1(4) of the amending S.I.) by The Building Societies (Floating Charges and Other Provisions) Order 2016 (S.I. 2016/679), arts. 1(1), 4(4))

F1Prohibition of appointment of administrative receiver

Annotations:
Amendments (Textual)
F1

Arts. 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)

Floating charge holder not to appoint administrative receiver59A

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.