237. Power of administrator to deal with property subject to an encumbrance

a floating charge; or

a fixed security ranking behind a floating charge under subsection (2) of section 431 of the

any property of the company subject to an encumbrance to which subsection (1) shall not apply to; or

any goods in the possession of the company under a hire-purchase agreement.

dispose of the property as if it were not subject to the encumbrance; or

dispose of the goods as if all rights of the owner or lessor under the hire-purchase agreement were vested in the company, where the court is satisfied that –

the disposal would be likely to further the achievement of the objective referred to in paragraph (d) of section 178; and

in all the circumstances of the case, prejudice will be caused to those with an interest in the company other than the grantee of the encumbrance or the owner or lessor under the hire-purchase agreement, as the case may be, if the application is not granted, that outweighs the prejudice that will be caused to the grantee or owner, as the case may be, from the granting of the application.

the net proceeds of the disposal; and

where those proceeds are less than such amount as may be determined by the court to be the net proceeds that it would be reasonable to realise on an arm’s-length sale of the property or goods in the administration, such money as may be required to make good the deficiency, the grantee, owner or lessor as the case may be, shall have the same priority as the grantee, owner or lessor had in respect of the property or goods.

impose any term or condition; and

make any other ancillary order.