The Insolvency (Northern Ireland) Order 2005

52.—(1) Article 97 (financial markets: administration) shall be amended as follows.

(2) For paragraph (1) substitute—

“(1) The following provisions of Schedule B1 to the Insolvency Order (administration) do not apply in relation to a market charge—

(a) paragraph 44(2) and (3) (restriction on enforcement of security or repossession of goods) (including that provision as applied by paragraph 45 (interim moratorium)), and

(b) paragraphs 71, 72 and 73 (power of administrator to deal with charged or hire-purchase property).

(1A) Paragraph 42(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 paragraph (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 paragraph (2A) applies”.

(4) After paragraph (2) insert—

“(2A) This paragraph applies to—

(a) making an administration application under paragraph 13 of Schedule B1 to the Insolvency Order,

(b) appointing an administrator under paragraph 15 or 23 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.”.