# The Insolvency (Northern Ireland) Order 1989, Article 59A: Floating charge holder not to appoint administrative receiver


(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 paragraph (1) “holder of a qualifying floating charge in respect of a company's property” has the same meaning as in paragraph 15 of Schedule B1.
(3) This Article applies—
(a) to a floating charge created on or after a date appointed by the Department by order, 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).
(4) An order under paragraph (3)(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.
(5) This Article is subject to the exceptions specified in Articles 59B to 59I.

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Source: https://www.legislation.gov.uk/nisi/1989/2405/article/59A (the official version)
Page: https://openlegislation.uk/insolvency-northern-ireland-order-1989/article-59A
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.