The holder of a qualifying floating charge in respect of the property of a relevant society whose registered office is situated in England and Wales may not appoint an administrative receiver of the society.
This section applies to a floating charge which is created by a relevant society on or after 6th April 2014 and is either—
(a) a charge in respect of which an application has been made for the purposes of section 1 of the Industrial and Provident Societies Act 1967; or
(b) created by a debenture registered under section 9 of the Agricultural Credits Act 1928 as applied by section 14 of that Act.
This section applies in spite of any provision of an agreement or instrument which purports to empower a person to appoint an administrative receiver (by whatever name).
In this section—
“administrative receiver”, in relation to a relevant society, means—a receiver or manager of the whole (or substantially the whole) of the society’s property appointed by or on behalf of the holder of a floating charge; ora person who would be such a receiver or manager but for the appointment of some other person as the receiver of part of the society’s property; and
“holder of a qualifying floating charge in respect of the property of a relevant society” has the meaning given in paragraph 14 of Schedule B1 to the Insolvency Act 1986 as applied in relation to a relevant society by an order made under section 255 of the Enterprise Act 2002.