Paragraph 5 I1

United Kingdom

Section 464^f1 (ranking of floating charges) has effect as if—

(a)

for paragraphs (b) and (c) of subsection (4) there were substituted—

“(b)
one floating charge has priority of ranking over another if it was created first.”;

(b)

subsection (5), and the reference to that subsection in subsection (3), were omitted; and

(c)

in subsection (6) the words “Part XII and to” were omitted.

Annotations

f1: Section 464 was amended by the Companies Act 1989, section 140(2) to (7); and by the Insolvency Act 1986, section 439(1) and Schedule 13.