Part III Receivership

F1CHAPTER IV PROHIBITION OF APPOINTMENT OF ADMINISTRATIVE RECEIVER

72A Floating charge holder not to appoint administrative receiver

(1)

The holder of a qualifying floating charge in respect of a company’s property may not appoint an administrative receiver of the company.

(2)

In Scotland, the holder of a qualifying floating charge in respect of a company’s property may not appoint or apply to the court for the appointment of a receiver who on appointment would be an administrative receiver of property of the company.

(3)

In subsections (1) and (2)—

“holder of a qualifying floating charge in respect of a company’s property” has the same meaning as in paragraph 14 of Schedule B1 to this Act, and

“administrative receiver” has the meaning given by section 251.

(4)

This section applies—

(a)

to a floating charge created on or after a date appointed by the Secretary of State by order made by statutory instrument, and

(b)

in spite of any provision of an agreement or instrument which purports to empower a person to appoint an administrative receiver (by whatever name).

(5)

An order under subsection (4)(a) may—

(a)

make provision which applies generally or only for a specified purpose;

(b)

make different provision for different purposes;

(c)

make transitional provision.

(6)

This section is subject to the exceptions specified in F2sections 72B to 72GA .