56 Precedence among receivers
Insolvency Act 1986 (1986 c 45) | Legislation

56  Precedence among receivers

(1)     Where there are two or more floating charges subsisting over all or any part of the property of the company, a receiver may be appointed under this Chapter by virtue of each such charge; but a receiver appointed by, or on the application of, the holder of a floating charge having priority of ranking over any other floating charge by virtue of which a receiver has been appointed has the powers given to a receiver by section 55 and Schedule 2 to the exclusion of any other receiver.

(2)     Where two or more floating charges rank with one another equally,

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