PART 6Further amendments relating to Parts 2 to 5

Housing and Regeneration Act 2008I130

1

The Housing and Regeneration Act 200847 is amended as follows.

2

In section 152(4) (proposals)—

a

omit the “or” at the end of paragraph (a);

b

after paragraph (a) insert—

aa

an ordinary preferential debt being paid otherwise than in priority to a secondary preferential debt,

c

in paragraph (b), for “a preferential debt” substitute “an ordinary preferential debt”;

d

at the end of paragraph (b), insert—

or

c

a preferential creditor (PC1) being paid a smaller proportion of a secondary preferential debt than another preferential creditor (PC2) (unless PC2 consents).

3

In section 275 (general)48, for ““preferential creditor” and “preferential debtor”” substitute ““preferential creditor”, “preferential debt”, “ordinary preferential debt” and “secondary preferential debt””.

4

In the Table in section 276 (index of defined terms), insert the following entries at the appropriate place—

Ordinary preferential debt

Section 275

Secondary preferential debt

Section 275