[A31 Disposal of charged property free from charge]
Insolvency Act 1986 (1986 c 45) | Legislation

[Disposals of property free from charges etc]

[A31  Disposal of charged property free from charge]

[(1)     During a moratorium, the company may, with the permission of the court, dispose of property which is subject to a security interest as if it were not subject to the security interest.

(2)     The court may give permission under subsection (1) only if the court thinks that it will support the rescue of the company as a going concern.

(3)     Where the court gives permission under subsection (1) other than in relation to a floating charge, the company must apply the following towards discharging the sums secured—

(a)     the net proceeds

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