http://www.legislation.gov.uk/ukpga/2015/26/section/119Small Business, Enterprise and Employment Act 2015An Act to make provision about improved access to finance for businesses and individuals; to make provision about regulatory provisions relating to business and certain voluntary and community bodies; to make provision about the exercise of procurement functions by certain public authorities; to make provision for the creation of a Pubs Code and Adjudicator for the regulation of dealings by pub-owning businesses with their tied pub tenants; to make provision about the regulation of the provision of childcare; to make provision about information relating to the evaluation of education; to make provision about the regulation of companies; to make provision about company filing requirements; to make provision about the disqualification from appointments relating to companies; to make provision about insolvency; to make provision about the law relating to employment; and for connected purposes.texttext/xmlenStatute Law Database2026-04-21Expert Participation2026-04-07 PART 10 119After section 176ZA of the Insolvency Act 1986 insert—176ZB1This section applies where—athere is a floating charge (whether created before or after the coming into force of this section) which relates to property of a company which—iis in administration, oriihas gone into liquidation; andbthe administrator or the liquidator (referred to in this section as “the office-holder”) has—ibrought a claim under any provision mentioned in subsection (3), oriimade an assignment (or, in Scotland, assignation) in relation to a right of action under any such provision under section 246ZD.2The proceeds of the claim or assignment (or, in Scotland, assignation) are not to be treated as part of the company's net property, that is to say the amount of its property which would be available for satisfaction of claims of holders of debentures secured by, or holders of, any floating charge created by the company.3The provisions are—asection 213 or 246ZA (fraudulent trading);bsection 214 or 246ZB (wrongful trading);csection 238 (transactions at an undervalue (England and Wales));dsection 239 (preferences (England and Wales));esection 242 (gratuitous alienations (Scotland));fsection 243 (unfair preferences (Scotland));gsection 244 (extortionate credit transactions).4Subsection (2) does not apply to a company if or in so far as it is disapplied by—aa voluntary arrangement in respect of the company, orba compromise or arrangement agreed under Part 26 of the Companies Act 2006 (arrangements and reconstructions).S. 119 in force at 1.10.2015 by S.I. 2015/1689, reg. 2(j) (with Sch. para. 17)