# The Financial Services (Banking Reform) Act 2013 (Commencement (No. 8) and Consequential Provisions) Order 2015, Paragraph 5

Extent: E+W+S+N.I.

Section 464 (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.

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Source: https://www.legislation.gov.uk/uksi/2015/428/schedule/1/paragraph/5 (the official version)
Page: https://openlegislation.uk/financial-services-banking-reform-act-2013-commencement-no-8-and-consequential-provisions-order-2015/schedule-1/paragraph-5
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.