SCHEDULES

SCHEDULE 17Administration: minor and consequential amendments

47Companies Act 1989 (c. 40)

1

Section 175 (financial markets: administration) shall be amended as follows.

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.