[72B First exception: capital market]
[72B First exception: capital market]

[(1)     Section 72A does not prevent the appointment of an administrative receiver in pursuance of an agreement which is or forms part of a capital market arrangement if—

(a)     a party incurs or, when the agreement was entered into was expected to incur, a debt of at least £50 million under the arrangement, and

(b)     the arrangement involves the issue of a capital market investment.

(2)     In subsection (1)—

“capital market arrangement” means an arrangement of a kind described in paragraph 1 of Schedule 2A, and

“capital market investment” means an investment of a kind described in paragraph 2 or

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