(1) The following provisions of Schedule B1 to the Insolvency Act 1986 (which relate to administration orders and administrators) do not apply in relation to a collateral security charge -

(a) paragraph 43(2) including that provision as applied by paragraph 44; and

(b) paragraphs 70, 71 and 72 of that Schedule.

and paragraph 41(2) of that Schedule (receiver to vacate office when so required by administrator) does not apply to a receiver appointed under such a charge.

(1ZA) The following provisions of the Insolvency Act 1986 (which relate to administration orders and administrators), as they have effect by virtue of section 249(1) of the Enterprise Act 2002, do not apply in relation to a collateral security charge -

(a) sections 10(1)(b) and 11(3)(c) (restriction on enforcement of security while petition for administration order pending or order in force); and

(b) sections 15(1) and (2) (power of administrator to deal with charged property);

and section 11(2) (receiver to vacate office when so required by administrator) does not apply to a receiver appointed under such a charge.