47(1)Section 175 (financial markets: administration) shall be amended as follows.E+W+S
(2)For subsection (1) substitute—
“(1)The following provisions of Schedule B1 to the Insolvency Act 1986 (administration) do not apply in relation to a market charge—
(a)paragraph 43(2) and (3) (restriction on enforcement of security or repossession of goods) (including that provision as applied by paragraph 44 (interim moratorium)), and
(b)paragraphs 70, 71 and 72 (power of administrator to deal with charged or hire-purchase property).
(1A)Paragraph 41(2) of that Schedule (receiver to vacate office at request of administrator) does not apply to a receiver appointed under a market charge.”
(3)In subsection (2) for “an administration order has been made or a petition for an administration order has been presented” substitute “ the occurrence of an event to which subsection (2A) applies ”.
(4)After subsection (2) insert—
“(2A)This subsection applies to—
(a)making an administration application under paragraph 12 of Schedule B1 to the Insolvency Act 1986,
(b)appointing an administrator under paragraph 14 or 22 of that Schedule (appointment by floating charge holder, company or directors),
(c)filing with the court a copy of notice of intention to appoint an administrator under either of those paragraphs.”