Regulation 46 Floating charge holder not to appoint administrative receiver

before the definition of “holder of a qualifying floating charge in respect of a company’s property”, there were inserted—

• ““qualifying floating charge” means a charge created by an instrument that—

  1. (a)

     states that paragraph 14 of Schedule B1 to the Insolvency Act 1986 applies to the floating charge,

  2. (b)

     purports to empower the holder of the floating charge to appoint an administrator of the company,

  3. (c)

     purports to empower the holder of the floating charge to make an appointment which would be the appointment of an administrative receiver within the meaning given by section 29(2), or

  4. (d)

     purports to empower the holder of the floating charge in Scotland to appoint a receiver who on appointment would be an administrative receiver.”; and

for the definition of “holder of a qualifying floating charge in respect of a company’s property” there were substituted—

• ““holder of a qualifying floating charge in respect of a company’s property” means a person who holds one or more debentures of the company secured—

  1. (a)

     by a qualifying floating charge which relates to the whole or substantially the whole of the company’s property,

  2. (b)

     by a number of qualifying floating charges which together relate to the whole or substantially the whole of the company’s property, or

  3. (c)

     by charges and other forms of security which together relate to the whole or substantially the whole of the company’s property and at least one of which is a qualifying floating charge,”.