[176A Share of assets for unsecured creditors]
Insolvency Act 1986 (1986 c 45) | Legislation

[176A  Share of assets for unsecured creditors]

[(1)     This section applies where a floating charge relates to property of a company—

(a)     which has gone into liquidation,

(b)     which is in administration,

(c)     of which there is a provisional liquidator, or

(d)     of which there is a receiver.

(2)     The liquidator, administrator or receiver—

(a)     shall make a prescribed part of the company's net property available for the satisfaction of unsecured debts, and

(b)     shall not distribute that part to the proprietor of a floating charge except in so far as it exceeds the amount required

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