250 Prohibition of appointment of administrative receiver
Enterprise Act 2002 (2002 c 40) | Legislation

250  Prohibition of appointment of administrative receiver

(1)     The following shall be inserted after Chapter III of Part III of the Insolvency Act 1986 (receivership: receivers' powers)—

“Chapter 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

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