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Insolvency Act 1985
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61Powers of court
For section 479 of the 1985 Act there shall be substituted the following section—
“479Powers of court.
(1)The court on the application of—
(a)the holder of a floating charge by virtue of which a receiver was appointed ; or
(b)a receiver appointed under section 467,
may give directions to the receiver in respect of any matter arising in connection with the performance by him of his functions.
(2)Where the appointment of a person as a receiver by the holder of a floating charge is discovered to be invalid (whether by virtue of the invalidity of the instrument or otherwise), the court may order the holder of the floating charge to indemnify the person appointed against any liability which arises solely by reason of the invalidity of the appointment.”
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