Schedule B1, paragraph 111

In this Schedule— “administrative receiver” has the meaning given by section 251, “administrator” has the meaning given by paragraph 1 and, where the context requires, includes a reference to a former administrator, . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . “enters administration” has the meaning given by paragraph 1, “floating charge” means a charge which is a floating charge on its creation, “in administration” has the meaning given by paragraph 1, “hire-purchase agreement” includes a conditional sale agreement, a chattel leasing agreement and a retention of title agreement, “holder of a qualifying floating charge” in respect of a company’s property has the meaning given by paragraph 14, “market value” means the amount which would be realised on a sale of property in the open market by a willing vendor, “the purpose of administration” means an objective specified in paragraph 3, and “unable to pay its debts” has the meaning given by section 123. In this Schedule, “company” means— a company registered under the Companies Act 2006 in England and Wales or Scotland, a company incorporated in an EEA State ..., or a company not incorporated in an EEA State but having its centre of main interests in a member State (other than Denmark) or in the United Kingdom. In sub-paragraph (1A), in relation to a company, “centre of main interests” has the same meaning as in Article 3 of the EU Regulation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . In this Schedule a reference to action includes a reference to inaction.

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Source: legislation.gov.uk · retrieved 2026-09-04