Misapplying the prescribed part
You will already be aware that office holders are required to set aside certain realisations for the benefit of unsecured creditors under the Insolvency Act 1986 (section 176A). Those realisations are carved out from assets that would otherwise be subject to a post-Enterprise Act floating charge.
Failing to comply with this duty will place the office holder at risk of censure and sanction. The office holder must therefore be sure the prescribed part is disapplied and not, unintentionally, misapplied.
This blog post covers points worth considering for office holders faced with disapplying the prescribed part…
Click on the link below to read the rest of the Gateley briefing.
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