Part 10 of the Enterprise Act 2002 (EA) relates to insolvency. It received the Royal Assent on 7 November 2002. The Corporate Insolvency provisions became operative on 15 September 2003.
| Enterprise Act | |
| S248 | Replaces Part II IA 86.
Sch B1 IA 86 Administration is set out in Sch 16 EA
Minor amendments to existing legislation are detailed in Sch 17 EA |
| S249 | Special Administration Regimes. Sets out specific exceptions for certain special companies |
| S250 | Prohibition of Administrative Receiver. Sch2A IA 86 set out in Sch 18 EA. Restricts Administrative Receivership when the floating charge is created on or after 15.9.03 for all but certain special and specified cases. |
| S251 | Abolition of Crown preference. (From 15.9.03 for all insolvencies) |
| S252 | Unsecured creditors. New S176A IA 86 provides that a portion of floating charge realisations shall be made available for unsecured creditors ‘the prescribed part’ (also known as ‘ring-fencing’ or ‘top-slicing’) |
| S253 | Liquidator’s powers. Rationalises circumstances in which an office holder requires sanction before issuing certain types of insolvency proceedings. |
| S254 | Application of Insolvency law to foreign companies. |
| S255 | Application of law about Company arrangement or Administration to non-companies. Enables rules to be made applying Company Voluntary Arrangements, Administrations, S425 CA85 Schemes of Arrangement to Industrial and Provident Societies, Friendly Societies and certain other bodies. |
