Paragraph 9 Modifications of the 1989 Order

Article 50 (payment of debts out of assets subject to floating charge) F1and article 53 (power to dispose of charged property) of the 1989 Order shall not apply to an owner.

Article 93 of and paragraphs 66(1) and 67 of Schedule B1 to the 1989 Order (distribution of company’s property) shall apply only after payment has been made of the claims of relevant persons.

Article 134 of the 1989 Order (payment of expenses) shall apply only after payment has been made of the expenses referred to in regulation 29.

Articles 149 (preferential debts (general provision)) and 150A (share of assets for unsecured creditors) of the 1989 Order shall not apply to an owner.