http://www.legislation.gov.uk/ukpga/2002/29/section/430/2016-03-01Proceeds of Crime Act 2002An Act to establish the Assets Recovery Agency and make provision about the appointment of its Director and his functions (including Revenue functions), to provide for confiscation orders in relation to persons who benefit from criminal conduct and for restraint orders to prohibit dealing with property, to allow the recovery of property which is or represents property obtained through unlawful conduct or which is intended to be used in unlawful conduct, to make provision about money laundering, to make provision about investigations relating to benefit from criminal conduct or to property which is or represents property obtained through unlawful conduct or to money laundering, to make provision to give effect to overseas requests and orders made where property is found or believed to be obtained through criminal conduct, and for connected purposes.2002-08-12texttext/xmlenStatute Law Database2026-07-06Expert Participation2016-03-01 Part 9Insolvency <Abbreviation Expansion="et cetera" xml:lang="la">etc.</Abbreviation>Floating charges Floating charges4301In this section “company” means a company which may be wound up underathe 1986 Act, orbthe 1989 Order.2If a company holds property which is subject to a floating charge, and a receiver has been appointed by or on the application of the holder of the charge, the functions of the receiver are not exercisable in relation to the following property—aproperty for the time being subject to a restraint order which was made under section 41, 120 or 190 before the relevant time;bproperty for the time being detained under or by virtue of section 44A, 47J, 47K, 47M, 47P, 122A, 127J, 127K, 127M, 127P, 193A, 195J, 195K, 195M or 195P;cproperty in respect of which an order under section 50, 128(3) or 198 is in force;dproperty in respect of which an order under section 67A, 131A or 215A is in force.3Subsection (2)(a) applies to heritable property in Scotland only if the restraint order is recorded in the General Register of Sasines or registered in the Land Register of Scotland before the appointment of the receiver.4If a company holds property which is subject to a floating charge, and a receiver has been appointed by or on the application of the holder of the charge, the powers referred to in subsection (5) must not be exercised in the way mentioned in subsection (6) in relation to any property—awhich is held by the company, andbin relation to which the functions of the receiver are exercisable.5These are the powers—athe powers conferred on a court by sections 41 to 67B, the powers conferred on an appropriate officer by section 47C and the powers of a receiver appointed under section 48 or 50 ;bthe powers conferred on a court by sections 120 to 136 and Schedule 3 , the powers conferred on an appropriate officer by section 127C and the powers of an administrator appointed under section 125 or 128(3);cthe powers conferred on a court by sections 190 to 215B, the powers conferred on an appropriate officer by section 195C and the powers of a receiver appointed under section 196 or 198 .6The powers must not be exercised—aso as to inhibit the receiver from exercising his functions for the purpose of distributing property to the company’s creditors;bso as to prevent the payment out of any property of expenses (including the remuneration of the receiver) properly incurred in the exercise of his functions in respect of the property.7But nothing in the 1986 Act or the 1989 Order must be taken to restrict (or enable the restriction of) the exercise of the powers referred to in subsection (5).8In this section “floating charge” includes a floating charge within the meaning of section 462 of the Companies Act 1985 (c. 6).S. 430 in force at 24.3.2003 by S.I. 2003/333, art. 2, Sch.Words in s. 430(5)(a) substituted (1.4.2008) by Serious Crime Act 2007 (c. 27), s. 94(1), Sch. 8 para. 82(3)(a); S.I. 2008/755, art. 2(1)(a) (with arts. 3-14)Words in s. 430(5)(c) substituted (1.4.2008) by Serious Crime Act 2007 (c. 27), s. 94(1), Sch. 8 para. 82(3)(b); S.I. 2008/755, art. 2(1)(a) (with arts. 3-14)Words in s. 430(5)(a) substituted (1.6.2015) by Policing and Crime Act 2009 (c. 26), s. 116(1), Sch. 7 para. 92(3)(a); S.I. 2015/983, arts. 2(2)(e), 3(cc)Words in s. 430(5)(b) inserted (1.6.2015) by Policing and Crime Act 2009 (c. 26), s. 116(1), Sch. 7 para. 92(3)(b); S.I. 2015/983, arts. 2(2)(e), 3(cc)S. 430(2) substituted (1.6.2015 for specified purposes, 1.3.2016 in so far as not already in force) by Policing and Crime Act 2009 (c. 26), s. 116(1), Sch. 7 para. 92(2); S.I. 2015/983, arts. 2(2)(e), 3(cc); S.I. 2016/147, art. 3(i)Words in s. 430(5)(c) substituted (1.3.2016) by Policing and Crime Act 2009 (c. 26), s. 116(1), Sch. 7 para. 92(3)(c); S.I. 2016/147, art. 3(i)