Insolvency Act 1985

Receivers (Scotland)

18 In subsection (3) of section 463 (effect of floating charge on winding up), for the words " section 614(2)" there shall be substituted the words " section 89 of the Insolvency Act 1985 ".

19 In subsection (6) of section 464 (ranking of floating charges), for the words " section 614(2) (preferential debts in winding up) " there shall be substituted the words " section 89 of the Insolvency Act 1985 ".

20 (1) Section 475 (priority of debts) shall be amended as follows.

(2) In subsection (2), for the words " the provisions of Part XX relating to preferential payments" there shall be substituted the words " section 89 of the Insolvency Act 1985 and Schedule 4 to that Act (read with Schedule 3 to the [1975 c. 60.] Social Security Pensions Act 1975) ".

(3) For subsections (3) and (4) there shall be substituted the following subsection—

“(3) For the purposes of this section Schedule 4 to the said Act of 1985 and Schedule 3 to the said Act of 1975 shall each have effect as if—

(a) references to the relevant date were references to the date of the appointment of the receiver under section 469(6) or 470(5); and

(b) references to the company going into liquidation were references to that appointment.”.

21 (1) Section 476(1) (distribution of monies) shall be amended as follows.

(2) After the words " categories of persons " there shall be inserted the words " (which rights shall, except to the extent other-Wise provided in any instrument, have the following order of priority) ".

(3) In paragraph (d), after the word "remuneration" there shall be inserted the words " and any indemnity to which the receiver is entitled out of the property of the company. "

22 (1) Schedule 24 (punishment of offences) shall be amended as follows.

(2) After the entry relating to section 470(3) there shall be inserted the following entry—

“477(2e)

Failing to send to registrar of companies a certified copy of authorisation to dispose of certain property.

Summary.

One-fifth of the statutory maximum.

One-fiftieth of the statutory maximum.”.

(3) In the entry relating to section 481(7), for " 481(7)" there shall be substituted " 481(4) ".

(4) For the entry relating to section 482(5) there shall be substituted the following entry—

“482(6)	Failure to comply with obligation to submit statement of affairs to receiver.	1. On indictment.	A fine.
		2. Summary.	The statutory maximum.	One-tenth of the statutory maximum.”.