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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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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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