123. Payments of certain debts out of assets subject to floating
charge in priority to claims under the charge.—(1)
Where either—
(a) a receiver is appointed on behalf of the holders of any
debentures of a company secured by a floating charge, or
(b) possession is taken by or on behalf of those debenture-holders
of any property comprised in or subject to the charge,
then, if the company is not at the time in course of being
wound up, the debts which in every winding up are, under the
provisions of Part VII relating to preferential payments,
to be paid in priority to all other debts, shall be paid forthwith
out of any assets coming to the hands of the receiver or other
person taking possession as aforesaid in priority to any claim
for principal or interest in respect of the debentures.
(2) In the application of the provisions aforesaid, section
530 shall be construed as if the provision for payment of
accrued holiday remuneration becoming payable on the termination
of employment before or by the effect of the winding up order
or resolution were a provision for payment of such remuneration
becoming payable on the termination of employment before or
by the effect of the appointment of the receiver or possession
being taken as aforesaid.
(3) The periods of time mentioned in the said provisions
of Part VII shall be reckoned from the date of appointment
of the receiver or of possession being taken as aforesaid,
as the case may be.
(4) Where the date referred to in sub-section (3) occurred
before the commencement of this Act, sub-sections (1) and
(3) shall have effect with the substitution, for reference
to the said provisions of Part VII, of references to the provisions
which, by virtue of sub-section (9) of section 530, are deemed
to remain in force in the case therein mentioned, and subsection
(2) shall not apply.
(5) Any payments made under this section shall be recouped,
as far as may be, out of the assets of the company available
for payment of general creditors.
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