SCHEDULES
F1C2SCHEDULE B1ADMINISTRATION
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: non-floating charge
C172
1
The High Court may by order enable the administrator of a company to dispose of property which is subject to a security (other than a floating charge) as if it were not subject to the security.
2
An order under sub-paragraph (1) may be made only—
a
on the application of the administrator, and
b
where the Court thinks that disposal of the property would be likely to promote the purpose of administration in respect of the company.
3
An order under this paragraph is subject to the condition that there be applied towards discharging the sums secured by the security—
a
the net proceeds of disposal of the property, and
b
any additional money required to be added to the net proceeds so as to produce the amount determined by the Court as the net amount which would be realised on a sale of the property at market value.
4
If an order under this paragraph relates to more than one security, application of money under sub-paragraph (3) shall be in the order of the priorities of the securities.
5
An administrator who makes a successful application for an order under this paragraph shall send a copy of the order to the registrar before the end of the period of 14 days starting with the date of the order.
6
An administrator commits an offence if he fails to comply with sub-paragraph (5) without reasonable excuse.
Sch. B1 inserted (27.3.2006) by Insolvency (Northern Ireland) Order 2005 (S.I. 2005/1455 (N.I. 10)), arts. 1(3), 3(2), Sch. 1 (with art. 4); S.R. 2006/21, art. 2 (with S.R. 2006/22, arts. 2-7)