In section 463 of the Companies Act 1985 (effect of floating charge on winding up), in subsection (1) for the words "On the commencement of the winding up of a company," there shall be substituted the words ." Where a company goes into liquidation within the meaning of section 247(2) of the Insolvency Act 1986, "
Section 464 of the Companies Act 1985 (ranking of floating charges) is amended as follows.
In subsection (1)(b) at the beginning there shall be inserted the words ." with the consent of the holder of any subsisting floating charge or fixed security which would be adversely affected, "
After subsection (1) there shall be inserted the following subsection—
For subsection (3) there shall be substituted—
In subsection (5) at the end there shall be added the following paragraph—
In subsection (6) after the words "subject to" there shall be inserted the words ." Part XII and to "
In section 466 of the Companies Act 1985 (alteration of floating charges), subsections (4) and (5) and in subsection (6) the words "falling under subsection (4) of this section" shall cease to have effect.