SCHEDULES
C1C2C4C3C5F1SCHEDULE B1ADMINISTRATION
Sch. B1 applied (with modifications) (1.10.2011) by Postal Services Act 2011 (c. 5), ss. 73, 87(1)(2), 93(3), Sch. 10 Pt. 1, Sch. 10 Pt. 2
Sch. B1 applied (with modifications) by S.R. 1995/225, Sch. 2 (as amended (19.12.2018) by The Banks and Building Societies (Priorities on Insolvency) Order 2018 (S.I. 2018/1244), arts. 1(2), 36 (with art. 3))
Sch. B1 modified by S.R. 1995/225, art. 6, Sch. 2 (as modified (28.12.2020 until IP completion day when the amending provision ceases to have effect in accordance with reg. 1(4) of the amending S.I.) by The Bank Recovery and Resolution (Amendment) (EU Exit) Regulations 2020 (S.I. 2020/1350), regs. 1(4), 122(3) (with reg. 108))
Sch. B1 modified (28.12.2020 until IP completion day when the amending provision ceases to have effect in accordance with reg. 1(4) of the amending S.I.) by The Bank Recovery and Resolution (Amendment) (EU Exit) Regulations 2020 (S.I. 2020/1350), regs. 1(4), 120 (with reg. 108)
Sch. B1 applied (with modifications) (4.1.2024) by S.I. 2021/716, Sch. 2A para. 6 (as inserted by The Payment and Electronic Money Institution Insolvency (Amendment) Regulations 2023 (S.I. 2023/1399), reg. 1(2), Sch. 2)
APPOINTMENT OF ADMINISTRATOR BY HOLDER OF FLOATING CHARGE
Restrictions on power to appoint
16
1
A person may not appoint an administrator under paragraph 15 unless—
a
he has given at least 2 business days' written notice to the holder of any prior floating charge which satisfies paragraph 15(2), or
b
the holder of any prior floating charge which satisfies paragraph 15(2) has consented in writing to the making of the appointment.
2
One floating charge is prior to another for the purposes of this paragraph if—
a
it was created first, or
b
it is to be treated as having priority in accordance with an agreement to which the holder of each floating charge was party.
17
An administrator may not be appointed under paragraph 15 while a floating charge on which the appointment relies is not enforceable.
18
An administrator of a company may not be appointed under paragraph 15 if—
a
a provisional liquidator of the company has been appointed under Article 115, or
b
an administrative receiver of the company is in office.
Sch. B1 inserted (27.3.2006) by Insolvency (Northern Ireland) Order 2005 (S.I. 2005/1455 (N.I. 10)), arts. 1(3), 3(2), Sch. 1 (with art. 4); S.R. 2006/21, art. 2 (with S.R. 2006/22, arts. 2-7)