SCHEDULES

F1C3C4C5SCHEDULE B1 ADMINISTRATION

Annotations:
Amendments (Textual)
F1

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))

Modifications etc. (not altering text)
C3

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

C4

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))

C5

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)

FUNCTIONS OF ADMINISTRATOR

C1C271Charged property: non-floating charge

1

The 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 of companies 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.