Protection for [priority] creditorE+W+S
[73(1)An administrator’s statement of proposals under paragraph 49 may not include any action which—
(a)affects the right of a secured creditor of the company to enforce his security,
(b)would result in a preferential debt of the company being paid otherwise than in priority to its non-preferential debts, ...
[(bb)would result in an ordinary preferential debt of the company being paid otherwise than in priority to any secondary preferential debts that it may have,]
(c)would result in one preferential creditor of the company being paid a smaller proportion of [an ordinary preferential debt] than another [, ...
(d)would result in one preferential creditor of the company being paid a smaller proportion of a secondary preferential debt than another.] [or
(e)if the company is a relevant financial institution (see section 387A), would result in any non-preferential debt being paid otherwise than in accordance with the rules in section 176AZA(2) or (3).]
(2)Sub-paragraph (1) does not apply to—
(a)action to which the relevant creditor consents,
(b)a proposal for a voluntary arrangement under Part I of this Act (although this sub-paragraph is without prejudice to section 4(3)), . . .
(c)a proposal for a compromise or arrangement to be sanctioned under [Part 26 [or 26A] of the Companies Act 2006 (arrangements and reconstructions)] ...
(d). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(3)The reference to a statement of proposals in sub-paragraph (1) includes a reference to a statement as revised or modified.]
Textual Amendments
Modifications etc. (not altering text)