SCHEDULES

F1SCHEDULE A1MORATORIUM WHERE DIRECTORS PROPOSE VOLUNTARY ARRANGEMENTF2

Annotations:
Amendments (Textual)
F2

mod. by SR 2004/307

PART VIMISCELLANEOUS

Void provisions in floating charge documents

53

1

A provision in an instrument creating a floating charge is void if it provides for—

a

obtaining a moratorium, or

b

anything done with a view to obtaining a moratorium (including any preliminary decision or investigation),

to be an event causing the floating charge to crystallise or causing restrictions which would not otherwise apply to be imposed on the disposal of property by the company or a ground for the appointment of a receiver.

2

In sub-paragraph (1), receiver includes a manger and a person who is appointed both receiver and manager.