SCHEDULES
F1C2C3C4SCHEDULE B1 ADMINISTRATION
Sch. B1 applied in part (with modifications) (5.10.2004) by Energy Act 2004 (c. 20), ss. 159(1), 198, Sch. 20 Pts. 1-3; S.I. 2004/2575, art. 2(1), Sch. 1
Sch. B1 applied (with modifications) (1.7. 2005) by S.I. 1994/2421, art. 6(1), Sch. 2 (as amended (1.7.2005) by S.I. 2005/1516, arts. 3, 7, Sch. 1 (with art. 2))
Sch. B1: specified provisions applied (with modifications) (1.10.2011) by Postal Services Act 2011 (c. 5), ss. 73, 93(2)(3), {Sch. 10 Pts. 1, 2}; S.I. 2011/2329, art. 3 (with arts. 4, 5)
APPOINTMENT OF ADMINISTRATOR BY HOLDER OF FLOATING CHARGE
C114Power to appoint
1
The holder of a qualifying floating charge in respect of a company’s property may appoint an administrator of the company.
2
For the purposes of sub-paragraph (1) a floating charge qualifies if created by an instrument which—
a
states that this paragraph applies to the floating charge,
b
purports to empower the holder of the floating charge to appoint an administrator of the company,
c
purports to empower the holder of the floating charge to make an appointment which would be the appointment of an administrative receiver within the meaning given by section 29(2), or
d
purports to empower the holder of a floating charge in Scotland to appoint a receiver who on appointment would be an administrative receiver.
3
For the purposes of sub-paragraph (1) a person is the holder of a qualifying floating charge in respect of a company’s property if he holds one or more debentures of the company secured—
a
by a qualifying floating charge which relates to the whole or substantially the whole of the company’s property,
b
by a number of qualifying floating charges which together relate to the whole or substantially the whole of the company’s property, or
c
by charges and other forms of security which together relate to the whole or substantially the whole of the company’s property and at least one of which is a qualifying floating charge.
Sch. B1 inserted (15.9.2003) by 2002 c. 40, ss. 248(2), 279, Sch. 16 (with s. 249(1)-(3)(6)); S.I. 2003/2093, art. 2(1), Sch. 1 (subject to arts. 3-8 (as amended by S.I. 2003/2332, art. 2))