SCHEDULES

F1SCHEDULE B1 ADMINISTRATION

FUNCTIONS OF ADMINISTRATOR

65

F2(1)

If the assets of a company are sufficient to meet any debts or other liabilities payable under paragraph 64A in full, the administrator of the company may make a distribution to any other creditor of the company.

(2)

F3Sections 175 and 176AZA shall apply in relation to a distribution under this paragraph as F4they apply in relation to a winding up.

(3)

A payment may not be made by way of distribution under this paragraph to a creditor of the company who is neither secured nor preferential F5unless—

(a)

the distribution is made by virtue of section 176A(2)(a), or

(b)

the court gives permission.