Section 60(1)

Subject to the next section, and to the rights of any of the following categories of persons (which rights shall, except to the extent otherwise provided in any instrument, have the following order of priority), namely— the holder of any fixed security which is over property subject to the floating charge and which ranks prior to, or pari passu with, the floating charge; all persons who have effectually executed diligence on any part of the property of the company which is subject to the charge by virtue of which the receiver was appointed; creditors in respect of all liabilities, charges and expenses incurred by or on behalf of the receiver; the receiver in respect of his liabilities, expenses and remuneration, and any indemnity to which he is entitled out of the property of the company; and the preferential creditors entitled to payment under section 59, the receiver shall pay moneys received by him to the holder of the floating charge by virtue of which the receiver was appointed in or towards satisfaction of the debt secured by the floating charge.

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