PART 3Modification of insolvency law
Certain legislation restricting enforcement of security not to apply to financial collateral arrangements8
1
The following provisions of Schedule B1 to the Insolvency Act 1986 M1 (administration) shall not apply to any security interest created or otherwise arising under a financial collateral arrangement—
a
paragraph 43(2) (restriction on enforcement of security or repossession of goods) including that provision as applied by paragraph 44 (interim moratorium); F1...
F2aa
paragraph 65(2) (distribution);
b
paragraphs 70 and 71 (power of administrator to deal with charged property); F3and
F4c
paragraph 99(3) and (4) (administrator’s remuneration, expenses and liabilities).
2
Paragraph 41(2) of Schedule B1 to the Insolvency Act 1986 (receiver to vacate office when so required by administrator) shall not apply to a receiver appointed under a charge created or otherwise arising under a financial collateral arrangement.
3
The following provisions of the Insolvency Act 1986M2 (administration) shall not apply in relation to any security interest created or otherwise arising under a financial collateral arrangement—
a
sections 10(1)(b) and 11(3)(c) (restriction on enforcement of security while petition for administration order pending or order in force); and
b
section 15(1) and 15(2) (power of administrator to deal with charged property); F5and
F6c
section 19(4) and 19(5) (administrator’s remuneration, expenses and liabilities).
4
Section 11(2) of the Insolvency Act 1986 (receiver to vacate office when so required by administrator) shall not apply to a receiver appointed under a charge created or otherwise arising under a financial collateral arrangement.
F75
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