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5. (1) The Bankruptcy and Diligence etc. (Scotland) Act 2007(1) has effect in relation to floating charges which are created by or otherwise arise under a financial collateral arrangement with the following modifications.
(2) In section 38 (creation of floating charges)—
(a)in subsection (3), after “subsection (3A)” insert “, subsection (3B)”;
(b)after subsection (3A), insert—
“(3B) If a floating charge is created or otherwise arises under a security financial collateral arrangement, it is created when the document granting the floating charge is executed by the company granting the charge and without registration in the Register of Floating Charges.”.
(3) In section 39 (advance notice of floating charges), for subsection (4), substitute—
“(4) This section does not apply—
(a)where a company proposes to grant a floating charge in favour of a central institution;
(b)where a floating charge is created or otherwise arises under a security financial collateral arrangement.”.
(4) In section 42 (assignation of floating charges), after subsection (4), insert—
“(5) This section does not apply to the assignation (whether in whole or to a specified extent) of a floating charge which was created or otherwise arises under a security financial collateral arrangement.”.
(5) In section 43 (alteration of floating charges), in subsection (4A)—
(a)at the end of paragraph (b), insert “, or”;
(b)after paragraph (b), insert—
“(c)the floating charge was created or otherwise arises under a security financial collateral arrangement.”.
(6) In section 44 (discharge of floating charges), for subsection (4), substitute—
“(4) This section does not apply where the floating charge to be discharged (whether in whole or to a specified extent)—
(a)is or has been held by a central institution, or
(b)was created or otherwise arises under a security financial collateral arrangement.”.
(7) In section 47 (interpretation), after the definition of “fixed security”, insert—
“security financial collateral arrangement” has the same meaning as in regulation 3 of the Financial Collateral Arrangements (No. 2) Regulations 2003;”.
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