(1)The general law of insolvency has effect in relation to market charges and action taken in enforcing them subject to the provisions of section 175.
(2)The Secretary of State may by regulations make further provision modifying the law of insolvency in relation to the matters mentioned in subsection (1).
(3)The regulations may add to, amend or repeal the provisions mentioned in subsection (1), and any other provision of this Part as it applies for the purposes of those provisions, or provide that those provisions have effect with such exceptions, additions or adaptations as are specified in the regulations.
(4)The regulations may make different provision for cases defined by reference to the nature of the charge, the nature of the property subject to it, the circumstances, nature or extent of the obligations secured by it or any other relevant factor.
(5)Before making regulations under this section in relation to charges granted in favour of a person within section 173(1)(c), the Secretary of State shall consult the Treasury and the Bank of England.