Paragraph 36 F1

Paragraph 96 is modified so as to read as follows—

“96.

(1)

This paragraph applies where an administrator of a partnership is appointed under paragraph 14 by the holder of a qualifying agricultural floating charge in respect of the partnership property.

(2)

The holder of a prior qualifying agricultural floating charge in respect of the partnership property may apply to the court for the administrator to be replaced by an administrator nominated by the holder of the prior agricultural floating charge.

(3)

One agricultural floating charge is prior to another for the purposes of this paragraph if—

(a)

it was created first, or

(b)

it is to be treated as having priority in accordance with an agreement to which the holder of each agricultural floating charge was party.”.