“The provisions of s 176A of the Insolvency Act 1986, which dealt with floating charges relating to property of a company that was, inter alia, in administration, excluded from participation in any distribution from the ‘prescribed part’ of a company’s net property, as defined in s 176A(6) of the Act, secured creditors who had unsecured debts due to a shortfall in the value of their security.”
WLR Daily, 6th February 2008
Source: www.lawreports.co.uk
Please note once a case has been fully reported in one of the ICLR series the corresponding WLR Daily summary is removed.
