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Insolvency Act 1986
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Changes over time for: Paragraph 73
No versions valid at: 26/03/2001
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Insolvency Act 1986, Paragraph 73 is up to date with all changes known to be in force on or before 06 March 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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Valid from 15/09/2003
Protection for secured or preferential 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, or
(c)would result in one preferential creditor of the company being paid a smaller proportion of his debt than another.
(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)), or
(c)a proposal for a compromise or arrangement to be sanctioned under section 425 of the Companies Act (compromise with creditors or members).
(3)The reference to a statement of proposals in sub-paragraph (1) includes a reference to a statement as revised or modified.
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