A provision in an instrument creating a floating charge is void if it provides for the obtaining of a moratorium, or anything done with a view to obtaining a moratorium, to be—
an event causing the floating charge to crystallise,
an event causing restrictions which would not otherwise apply to be imposed on the disposal of property by the company, or
a ground for the appointment of a receiver.
The reference in subsection (1) to anything done with a view to obtaining a moratorium includes any preliminary decision or investigation.
In subsection (1) "receiver" includes a manager and a person who is appointed both receiver and manager.
Subsection (1) does not apply to a provision in an instrument creating a floating charge that is—
a collateral security (as defined by section A27);
a market charge (as defined by section A27);
a security financial collateral arrangement (within the meaning of regulation 3 of the Financial Collateral Arrangements (No. 2) Regulations 2003 (S.I. 2003/3226));
a system-charge (as defined by section A27).