F1SCHEDULE B1ADMINISTRATION
FUNCTIONS OF ADMINISTRATOR
Protection for secured or preferential creditor
74.
(1)
An administrator's statement of proposals under paragraph 50 may not include any action which—
(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, or
(c)
would result in one preferential creditor of the company being paid a smaller proportion of his debt than another.
(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)), F2. . .
(c)
a proposal for a compromise or arrangement to be sanctioned under F3Part 26 of the Companies Act 2006 (arrangements and reconstructions).
F4or
(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.