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Insolvency Act 1986

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Insolvency Act 1986, Paragraph 73 is up to date with all changes known to be in force on or before 03 June 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. Help about Changes to Legislation

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Protection for [F2priority] creditorE+W+S

[F173(1)An administrator’s statement of proposals under paragraph 49 may not include any action which—

(a)affects the right of a secured creditor of the company to enforce his security,

(b)would result in a preferential debt of the company being paid otherwise than in priority to its non-preferential debts, F3...

[F4(bb)would result in an ordinary preferential debt of the company being paid otherwise than in priority to any secondary preferential debts that it may have,]

(c)would result in one preferential creditor of the company being paid a smaller proportion of [F5an ordinary preferential debt] than another [F6, F7...

(d)would result in one preferential creditor of the company being paid a smaller proportion of a secondary preferential debt than another.] [F8or

(e)if the company is a relevant financial institution (see section 387A), would result in any non-preferential debt being paid otherwise than in accordance with the rules in section 176AZA(2) or (3).]

(2)Sub-paragraph (1) does not apply to—

(a)action to which the relevant creditor consents,

(b)a proposal for a voluntary arrangement under Part I of this Act (although this sub-paragraph is without prejudice to section 4(3)), F9. . .

(c)a proposal for a compromise or arrangement to be sanctioned under [F10Part 26 of the Companies Act 2006 (arrangements and reconstructions)][F11 or

(d)a proposal for a cross-border merger within the meaning of regulation 2 of the Companies (Cross-Border Mergers) Regulations 2007.]

(3)The reference to a statement of proposals in sub-paragraph (1) includes a reference to a statement as revised or modified.]

Textual Amendments

F1Sch. B1 inserted (15.9.2003) by 2002 c. 40, ss. 248(2), 279, Sch. 16 (with s. 249(1)-(3)(6)); S.I. 2003/2093, art. 2(1), Sch. 1 (subject to arts. 3-8 (as amended by S.I. 2003/2332, art. 2))

F9Word in Sch. B1 para. 73(2)(b) repealed (15.12.2007) by The Companies (Cross-Border Mergers) Regulations 2007 (S.I. 2007/2974), reg. 65(2)

F11Sch. B1 para. 73(2)(d) and preceding word inserted (15.12.2007) by The Companies (Cross-Border Mergers) Regulations 2007 (S.I. 2007/2974), reg. 65(3)

Modifications etc. (not altering text)

C1Sch. B1 para. 73 applied (with modifications) (17.2.2009 for certain purposes, otherwise 21.2.2009) by Banking Act 2009 (c. 1), ss. 145, 263(1)(2) (with s. 247); S.I. 2009/296, arts. 2, 3, Sch. para. 3

C2Sch. B1 paras. 70-79 modified (5.7.2018) by Housing and Planning Act 2016 (c. 22), s. 216(3), Sch. 5 Pts. 1, 2; S.I. 2018/805, reg. 3(b)

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