[(1) This section applies where a floating charge relates to property of a company—
(a) which has gone into liquidation,
(b) which is in administration,
(c) of which there is a provisional liquidator, or
(d) of which there is a receiver.
(2) The liquidator, administrator or receiver—
(a) shall make a prescribed part of the company's net property available for the satisfaction of unsecured debts, and
(b) shall not distribute that part to the proprietor of a floating charge except in so far as it exceeds the amount required for the satisfaction of unsecured debts.
(3) Subsection (2) shall not apply to a company if—
(a) the company's net property is less than the prescribed minimum, and
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