[176A Share of assets for unsecured creditors]
[176A Share of assets for unsecured creditors]

[(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