SCHEDULES

F1C2SCHEDULE B1ADMINISTRATION

Annotations:
Modifications etc. (not altering text)
C2

Sch. B1 applied (with modifications) (1.10.2011) by Postal Services Act 2011 (c. 5), ss. 73, 87(1)(2), 93(3), Sch. 10 Pt. 1, Sch. 10 Pt. 2

FUNCTIONS OF ADMINISTRATOR

Charged property: floating charge

C171

1

The administrator of a company may dispose of or take action relating to property which is subject to a floating charge as if it were not subject to the charge.

2

Where property is disposed of in reliance on sub-paragraph (1) the holder of the floating charge shall have the same priority in respect of acquired property as he had in respect of the property disposed of.

3

In sub-paragraph (2) “acquired property” means property of the company which directly or indirectly represents the property disposed of.