Schedule, Part 2 Secondary Legislation (paras. 7-12)
Modifications of the Insolvency (England and Wales) Rules 2016
(1) Rule 14.12 of the Insolvency (England and Wales) Rules 2016 (administration and winding up by the court: debts of insolvent company to rank equally), so far as it applies in a winding up by the court, shall apply only after payment has been made of the claims of relevant persons.
(2) Rules 3.51, 6.42, 7.108 and 7.109 of the Insolvency (England and Wales) Rules 2016 shall apply to an owner subject to the provisions of regulation 29.
Modification of the Insolvency (Scotland) (Company Voluntary Arrangements and Administration) Rules 2018 and the Insolvency (Scotland)(Receivership and Winding up) Rules 2018
8. Rule 3.51 (order of priority) of the Insolvency (Scotland)(Company Voluntary Arrangements and Administration) Rules 2018 and rule 7.28 (order of priority of expenses of liquidation) of the Insolvency (Scotland)(Receivership and Winding up) Rules 2018 shall apply to an owner subject to the provisions of regulation 29.
Modifications of the 1989 Order
(1) Article 50 (payment of debts out of assets subject to floating charge) and article 53 (power to dispose of charged property) of the 1989 Order shall not apply to an owner.