Paragraph 15 F1

Paragraph 39 is modified so as to read as follows—

“39.

(1)

Where there is an agricultural receiver of a partnership the court must dismiss an administration application in respect of the partnership unless—

(a)

the person by or on behalf of whom the agricultural receiver was appointed consents to the making of the administration order,

(b)

the court thinks that the security by virtue of which the agricultural receiver was appointed would be liable to be released or discharged under sections 238 to 240 (transaction at undervalue and preference) if an administration order were made, or

(c)

the court thinks that the security by virtue of which the agricultural receiver was appointed would be avoided under section 245 (avoidance of floating charge) if an administration order were made.

(2)

Sub-paragraph (1) applies whether the agricultural receiver is appointed before or after the making of the administration application.”.