SCHEDULES
SCHEDULE 17Administration: minor and consequential amendments
47
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.