269. Floating charges.

If a company or a limited liability partnership1 holds property which is subject to a floating charge2, and a receiver has been appointed by or on the application of the holder of the charge, the functions of the receiver are not exercisable in relation to:

  1.  

    (1)     property for the time being subject to a restraint order3 which was made before the appointment of the receiver4;

  2.  

    (2)     any property in respect of which an order appointing a receiver5 is in force6;

  3.  

    (3)     property which is for the time being detained7 in connection with restraint orders and search and seizure powers8;