Schedule 16, paragraph 70

The administrator of a company may dispose of or take action relating to property which is subject to a floating charge as if it were not subject to the charge. Where property is disposed of in reliance on sub-paragraph (1) the holder of the floating charge shall have the same priority in respect of acquired property as he had in respect of the property disposed of. In sub-paragraph (2) “acquired property” means property of the company which directly or indirectly represents the property disposed of.

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