# Insolvency Act 1986, Section 72A: Floating charge holder not to appoint administrative receiver

Extent: E+W+S

(1) The holder of a qualifying floating charge in respect of a company’s property may not appoint an administrative receiver of the company.
(2) In Scotland, the holder of a qualifying floating charge in respect of a company’s property may not appoint or apply to the court for the appointment of a receiver who on appointment would be an administrative receiver of property of the company.
(3) In subsections (1) and (2)—
“holder of a qualifying floating charge in respect of a company’s property” has the same meaning as in paragraph 14 of Schedule B1 to this Act, and
“administrative receiver” has the meaning given by section 251.
(4) This section applies—
(a) to a floating charge created on or after a date appointed by the Secretary of State by order made by statutory instrument, and
(b) in spite of any provision of an agreement or instrument which purports to empower a person to appoint an administrative receiver (by whatever name).
(5) An order under subsection (4)(a) may—
(a) make provision which applies generally or only for a specified purpose;
(b) make different provision for different purposes;
(c) make transitional provision.
(6) This section is subject to the exceptions specified in sections 72B to 72GA .

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Source: https://www.legislation.gov.uk/ukpga/1986/45/section/72A (the official version)
Page: https://openlegislation.uk/insolvency-act-1986/section-72A
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.