SCHEDULES
F4C2C3C4SCHEDULE B1 ADMINISTRATION
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
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))
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
C173Protection for secured or preferential creditor
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)), F1. . .
c
d
a proposal for a cross-border merger within the meaning of regulation 2 of the Companies (Cross-Border Mergers) Regulations 2007.
3
The reference to a statement of proposals in sub-paragraph (1) includes a reference to a statement as revised or modified.
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))