OpenLegislation

Paragraph 3

Original text. Later amendments are not shown.

(1)

The relevant enactments relating to the remedies of debenture holders and chargees are the following—

(a)

section 94 of the Companies Act 1948 ; and

(b)

section 19 of the 1972 c. 67.Companies (Floating Charges and Receivers) (Scotland) Act 1972.

(2)

For the operation of those enactments, " the relevant event" in section 153(2) is to be construed as follows—

(a)

where a receiver is appointed on behalf of debenture holders or by or on the application of the holders of a floating charge, it means that appointment; and

(b)

where possession of any property is taken by or on behalf of debenture holders or the holders of a floating charge, it means that taking of possession.