252 Unsecured creditors
Enterprise Act 2002 (2002 c 40) | Legislation

252  Unsecured creditors

The following shall be inserted after section 176 of the Insolvency Act 1986 (winding up: preferential debt)—

“Property subject to floating charge

176A Share of assets for unsecured creditors

(1)     This section applies where a floating charge relates to property of a company—

(a)     which has gone into liquidation,

(b)     which is in administration,

(c)     of which there is a provisional liquidator, or

(d)     of which there is a receiver.

(2)     The liquidator, administrator or receiver—

(a)     shall make a prescribed part of the company's net property available for the satisfaction of unsecured debts, and

(b)     shall

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