SCHEDULES
F3C1SCHEDULE B1ADMINISTRATION
Sch. B1 applied (with modifications) (1.10.2011) by Postal Services Act 2011 (c. 5), ss. 73, 87(1)(2), 93(3), Sch. 10 Pt. 1, Sch. 10 Pt. 2
FUNCTIONS OF ADMINISTRATOR
Protection for secured or preferential creditor
74
1
An administrator's statement of proposals under paragraph 50 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, or
c
would result in one preferential creditor of the company being paid a smaller proportion of his debt than another.
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 II of this Order (although this sub-paragraph is without prejudice to Article 17(3)), F1. . .
c
a proposal for a compromise or arrangement to be sanctioned under Article 418 of the Companies Order (compromise with creditors or members).
F2or
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.
Sch. B1 inserted (27.3.2006) by Insolvency (Northern Ireland) Order 2005 (S.I. 2005/1455 (N.I. 10)), arts. 1(3), 3(2), Sch. 1 (with art. 4); S.R. 2006/21, art. 2 (with S.R. 2006/22, arts. 2-7)