Paragraph 58

in subsection (1) for the words “a validly executed instrument in writing” there shall be substituted the words “ an instrument subscribed in accordance with the Requirements of Writing (Scotland) Act 1995 ”;

for subsection (4) there shall be substituted the following subsection—

“(4)

If the receiver is to be appointed by the holders of a series of secured debentures, the instrument of appointment may be executed on behalf of the holders of the floating charge by any person authorised by resolution of the debenture-holders to execute the instrument.”.