Schedule B1, paragraph 111(1)

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.

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